Home >Companies >Vodafone takes full control of Indian business

Vodafone Group Plc. on Friday said that it now fully owns its Indian subsidiary, Vodafone India Ltd.

In March, Vodafone completed acquiring indirect equity interests in Vodafone India held by non-executive chairman Analjit Singh and Neelu Analjit Singh, taking its stake in the company to 89.03%.

“Today, Vodafone acquired the remaining 10.97% of Vodafone India from Piramal Enterprises Ltd. The combined cash consideration for both transactions was Rs10,142 crore (£1 billion)," Vodafone said in a statement.

The Foreign Investment Promotion Board approved both the acquisitions on 20 February after receiving approvals from the cabinet committee on economic affairs.

“We are delighted to have secured 100% ownership of one of our fastest growing businesses. 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," said Vittorio Colao, chief executive officer of Vodafone Group.

Since Vodafone acquired its original interest in India from Hutchison in 2007, Vodafone India’s customer base has grown by around 446.67%, from 30 million to a little over 164 million customers.

Vodafone operates in all the 22 telecom circles in India, providing employment to nearly 100,000 people directly and indirectly across the country.

“Vodafone continues to invest heavily in its network and since 2007 the company has built more than 95,000 base stations—taking the total to over 120,000 units—which has extended coverage to 83% of the country," the group said in a statement.

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