Vodafone has increased its stake in its Indian subsidiary, Vodafone India Limited (VIL) by acquiring the 10.97 per cent stake held in the company by Piramal Enterprises Limited. Earlier, in March 2014, Vodafone had bought out indirect equity interests in VIL held by Analjit Singh and Neelu Analjit Singh, increasing its stake in the company to 89.03 per cent. Both the deals are worth Rs 101.42 billion.
The Foreign Investment Promotion Board has approved both the acquisitions on February 20, 2014, following approval of the Cabinet Committee on Economic Affairs.
Commenting on the development, Vittorio Colao, chief exective officer, Vodafone Group, says, ?Vodafone is strongly committed to India and we have invested significantly over many years to bring communications to millions of people for the first time. Our business will continue to connect communities and offer the best products and services ? from entertainment to our innovative money transfer service, M-Pesa ? to enhance the lives of Indians throughout the country.?
