The Government is believed to have approved UK-based operator, Vodafone?s request to purchase 5.48 per cent stake in Vodafone-Essar, from two Mauritius- based entities.
The Ministry of Finance, in a statement, said, “Since the transaction is between non-resident firms to non-resident, there is no foreign equity inflow.? The transaction pertains to the transfer of shares of Vodafone Essar from Mauritius-based Essar Communications and Essar Com Limited to Euro Pacific Securities, an indirect Mauritius based subsidiary of Vodafone International Holdings BV.
The transaction is worth about Rs 27 billion. The Foreign Investment and Promotion Board (FIPB) had cleared the transaction, based on information provided by the company.
