Vodafone Group Plc is planning to buy out Piramal Enterprises’ stake in Vodafone India. The move came in after Foreign Investment Promotion Board (FIPB) approved Vodafone’s proposal to buy out minority shareholders.
Piramal Enterprises hold 10.97% stake in the country’s second-largest telecom company by subscribers. As a part of a proposal, Vodafone Group Plc will pay Rs 8,900 crore to Piramal Enterprises for its stake. Ajay Piramal led company had invested Rs 5,900 crore to take 10.97% in Vodafone India in two tranches.
Piramal Enterprises is one of India’s largest diversified companies, with a presence in pharmaceutical, financial services and information management sectors.
Piramal Enterprises hold 10.97% stake in the country’s second-largest telecom company by subscribers. As a part of a proposal, Vodafone Group Plc will pay Rs 8,900 crore to Piramal Enterprises for its stake. Ajay Piramal led company had invested Rs 5,900 crore to take 10.97% in Vodafone India in two tranches.
Piramal Enterprises is one of India’s largest diversified companies, with a presence in pharmaceutical, financial services and information management sectors.
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