NEW DELHI: Essar Group is indirectly transferring part of its Indian holding in Vodafone Essar to its overseas investment company, using the
provisions of the relaxed foreign investment norms issued last year. The deal will result in the effective transfer of around 2.63% economic interest in Vodafone Essar, India’s third-largest mobile service provider in terms of subscriber numbers.
The group, owned by the Ruia family, will transfer its 49% stake in Essar Telecommunications Holding (ETHPL), that holds 10.97% in Vodafone Essar, to Mauritius-based Essar Telecom India (ETIL) for Rs 530 crore. A spokesman for Essar Group declined to confirm.
Essar to transfer 2.63% in Vodafone to foreign investment co- Telecom-News By Industry-News-The Economic Times
provisions of the relaxed foreign investment norms issued last year. The deal will result in the effective transfer of around 2.63% economic interest in Vodafone Essar, India’s third-largest mobile service provider in terms of subscriber numbers.
The group, owned by the Ruia family, will transfer its 49% stake in Essar Telecommunications Holding (ETHPL), that holds 10.97% in Vodafone Essar, to Mauritius-based Essar Telecom India (ETIL) for Rs 530 crore. A spokesman for Essar Group declined to confirm.
Essar to transfer 2.63% in Vodafone to foreign investment co- Telecom-News By Industry-News-The Economic Times
