The Piramal Group plans to sell its stake in Vodafone India to the operators? UK-based promoter company, Vodafone Plc in April 2014, say news reports.
Currently, Piramal Group holds 11 per cent stake in Vodafone India, while the remaining 25 per cent interest is with Analjit Singh, chairman of Vodafone India (6.2 per cent) and IDFC and other investors (18.8 per cent).
Earlier, Vodafone Plc had approached the Foreign Investment Promotion Board?s (FIPB) seeking its approval to raise its stake in Vodafone India from 64 per cent to 100 per at an estimated cost of Rs 101.41 billion. In its communication to the Foreign Investment Promotion Board, Vodafone Plc has valued Vodafone India at Rs 284.699 billion as compared to Rs 546.727 billion in February 2012, when Piramal Enterprises had paid Rs 30.07 billion for a 5.5 per cent stake in the company.
Vodafone Plc plans to raise its stake in its Indian subsidiary ? Vodafone India following the government?s move to allow 100 per cent foreign direct investment in telecom.
