The Ministry of Finance has referred Vodafone Plc?s proposal to buyout minority stake in its Indian subsidiary, Vodafone India to the Cabinet Committee on Economic Affairs (CCEA). The CCEA is headed by Prime Minister, Manmohan Singh.
Earlier, the Foreign Investment Promotion Board had approved UK-based operator, Vodafone Plc?s proposal to buy out the minority shareholders in its Indian unit, Vodafone India for Rs 101.41 billion.
The proposal from Vodafone Plc is the first deal as part of which a foreign telecom operator is raising its stake to 100 per cent in the Indian subsidiary, following the government?s decision to increase foreign direct investment in the telecom sector from 74 per cent to 100 per cent.
