Vodafone wins full control of India division
Saturday, 12 April 2014
LONDON, Apr 11 (AFP): Global mobile phone giant Vodafone has taken full control of its Indian subsidiary in deals worth £1.0 billion ($1.7 billion, 1.2 billion euros), it confirmed on Friday.
"Vodafone announces that it now owns 100 per cent of its Indian subsidiary, Vodafone India Limited (VIL)," the group said in a statement.
The company added it completed a deal in March to lift its VIL stake from 84.5 per cent to 89.03 per cent, after buying a stake from Analjit Singh and Neelu Analjit Singh.
And on Friday it acquired the remaining 10.97 per cent from Piramal Enterprises Ltd.
The combined cash consideration for both transactions was 101.418 billion rupees or £1.0 billion, it added Friday.