UPDATE: Vodafone takes full ownership of Indian unit
UK-based Vodafone has taken full control of its Indian subsidiary after acquiring 11% of the unit it did not already own.
News broke yesterday that Piramal Enterprises – owned by billionaire Ajay Piramal – was set to sell its stake for an approximate value of $1.5 billion, which has now been confirmed by Vodafone.
Vodafone is taking advantage of a change in the country’s Foreign Direct Investment laws, and this deal gives the company full ownership of the company.
Vodafone becomes the first foreign company to take full control of an Indian operator following the change in ownership caps last year, as Vodafone’s CEO Vittorio Colao looks to develop in emerging markets following the decline in mature European markets.