Vodafone Plc has approached the Foreign Investment Promotion Board?s (FIPB) seeking 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 a communication to FIPB, 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.
Currently, Ajay Piramal, 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).
Vodafone Plc is the second company after Singapore-based SingTel to approach FIPB for raising its stake in their Indian subsidiary following the government?s move to allow 100 per cent foreign direct investment in telecom.
UK-based Vodafone Plc debuted in India in 2007 when it bought Hutchison Whampoa?s mobile phone business for about $11 billion.
