Axiata Group Berhad has sold its residual stake in Vodafone Idea Limited (VIL) and exited India’s telecom sector.

Axiata had entered Idea Cellular in 2008, splurging nearly $2 billion for a 20 per cent stake in the carrier.

At the time of VIL’s merger in 2018, Axiata held 8.15 per cent stake in the company which was valued at roughly Rs 35.20 billion. But thereafter, Axiata’s stake fell sharply to 2.48 per cent after it chose not to participate in VIL’s Rs 250 billion rights issue in 2019 by renouncing its shares entitlement.

The Malaysian telco’s exit leaves only SingTel and Vodafone Group from among the old-time foreign investors in sector.