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Vodafone To Pay $5B For Indian Telecom Stake

Law360 (March 31, 2011, 4:17 PM EDT) -- U.K. mobile phone giant Vodafone Group PLC announced on Thursday that it would buy Essar Group’s one-third interest in Vodafone-Essar Ltd., an Indian joint venture between the two companies, for $5 billion in cash.

Vodafone-Essar is India’s second-largest mobile phone services provider, with a presence in 23 telecom circles in India and more than 100 million subscribers in India and Kenya, according to Essar.

After Essar Group placed a put option on 22 percent of its stake in the joint venture, Vodafone placed a call option...
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