After acquiring a controlling stake in Hutchison Essar, Vodafone will sell its 5.6 per cent stake in Bharti Airtel back to the Bharti Group for $1.6 billion.

After acquiring a controlling stake in Hutchison Essar, Vodafone will sell its 5.6 per cent stake in Bharti Airtel back to the Bharti Group for $1.6 billion. The shares will be transferred in two tranches.

While the first tranche will be completed by March 31, 2008, the second will be concluded by November 2008. On completion of the sale, Vodafone will hold an indirect 4.39 per cent stake in Bharti Airtel, which could be worth much more in the open market.