Vodafone Acquires 100% of Vodafone India

British telecom giant Vodafone Group has announced that it now owns 100% of its Indian subsidiary, Vodafone India Ltd.

In March 2014, Vodafone completed the acquisition of indirect equity interests in VIL held by Analjit Singh and Neelu Analjit Singh, taking its stake to 89.03% of VIL. Now, Vodafone has acquired the remaining 10.97% of VIL from Piramal Enterprises. The combined cash consideration for both transactions was ` 10,142 crores (£1.0 bn).

The Foreign Investment Promotion Board approved both acquisitions on February 20, 2014, following receipt of the approval of the Cabinet Committee on Economic Affairs.

Vodafone entered India in 2007 by buying Hutchison Whampoa’s local unit in a $11 bn deal. The company had previously purchased a 4.5% stake held by Vodafone India nonexecutive chairman Analjit Singh.