Vodafone Seeks Approval For $1.65B Indian Unit Buyout

Law360, Washington (October 29, 2013, 1:44 PM EDT) -- British mobile telecommunications giant Vodafone Group PLC has sought regulatory approval for a 101.4 billion rupee ($1.65 billion) deal giving it full ownership of its Indian unit, it announced Tuesday, following India’s recent move to relax foreign ownership restrictions on telecommunications companies.

According to the company, it has applied to India’s Foreign Investment Promotion Board — a panel of India’s Department of Economic Affairs that vets foreign investments in the country — to buy out the 15.5 percent of Vodafone India Ltd. held by minority stakeholders...
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