Vodafone Closer to Deal to Buy Out Minority Indian Shareholders
Published on: 30th Dec 2013
By: Ian Mansfield
India's Foreign Investment Promotion Board has granted approval to Vodafone's plans to buy out its minority shareholders.
Vodafone currently owns just under 64.4 percent of its Indian subsidiary and has announced plans to buy the remainder. Although the government relaxed the rules on foreign ownership to allow Vodafone to buy the minority shareholders, its offer still needed separate approval from the FIPB.
Vodafone announced its plans to spend USD1.63 billion buying out the shareholders in October, but has been waiting for the approvals.
It is still waiting for final clearance from the Federal Cabinet before it can consummate the deal.