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Vodafone’s Hutch acquisition brings in highest FDI of Rs 3,285 cr

Vodafone’s Hutch acquisition brings in highest FDI of Rs 3,285 cr
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First Published: Thu, Aug 23 2007. 05 26 PM IST
Updated: Thu, Aug 23 2007. 05 26 PM IST
By PTI
New Delhi: Vodafone’s acquisition of controlling stake in Hutch Essar earlier this year brought in $801 million (Rs 3,285 crore) as foreign direct investment, making the world’s largest mobile company the top investor in the country up to May this year.
The UK-based company had bought the stake in the country’s fourth largest cellular operator Hutch-Essar for $10.9 billion in February this year.
This deal was followed by Matsushita Electric Works of Japan, which brought in inflows of $342 million. The Japanese company bought Anchor Electricals. GA Global Investments Ltd was the third largest investor.
During the first quarter of fiscal 2007-08, FDI inflows in India stood at $4.9 billion as against $1.7 billion received in the corresponding period of the year before, up nearly 185% , according to government data on FDI inflows in the country.
Major sectors receiving FDI inflows in the April-May period of the current fiscal are services, telecom, electrical equipments, real esate and transportation. Total inflows from the top five investing countries during the first two months of the fiscal was $2.9 billion. Of this, $1.9 billion came from Mauritius, followed by Japan, Cyprus and US.
For the first six months of 2007, FDI inflows into India more than trebled to $11.4 billion from $3.6 billion in the corresponding period last year. The country received $15.7 billion FDI in 2006-07 as compared to $5.5 billion a year ago.
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First Published: Thu, Aug 23 2007. 05 26 PM IST