Vodafone Group plc : PIRAMAL H'CARE TO ACQ FURTHER STAKE IN VOD INDIA
02/06/2012 | 02:18am
4 February 2012
PIRAMAL HEALTHCARE TO ACQUIRE A FURTHER 5.5% STAKE IN
VODAFONE INDIA
Vodafone Group ("Vodafone") and Piramal
Healthcare ("Piramal") today announced that Piramal
has agreed to purchase approximately 5.5% of the issued
equity share capital of Vodafone India Limited
("VIL") from ETHL Communications Holdings Limited
("Essar") for a cash consideration of approximately
INR 30.07 billion (£385 million1) taking Piramal's
total shareholding in VIL2to approximately 11%.
The transaction follows the settlement between Vodafone
and Essar over the sale of Essar's approximately 33%
stake in VIL, announced in July 2011, and the purchase by
Piramal of approximately 5.5% of the issued share capital of
VIL from Essar in August 2011. This completes the exit of the
Essar group as a shareholder in VIL.
The transaction contemplates various exit mechanisms
for Piramal, including both participation in a potential
initial public offering of VIL and a sale of its stake to
Vodafone.
- ends -
For further information:
Vodafone Group
|
Investor Relations
|
Media Relations
|
|
Tel: +44 (0) 7919 990 230
|
Tel: +44 (0) 1635 664444
|
About Vodafone
Vodafone is one of the world's largest mobile
communications companies by revenue with approximately 391
million customers in its controlled and jointly controlled
markets as at 30 September 2011. Vodafone currently has
equity interests in over 30 countries across five continents
and more than 40 partner networks worldwide.www.vodafone.com.
1At an exchange rate of
£1.00:INR78.0
2 The value of 100% of the gross assets of
VIL as at 31 March 2011 was INR 592 billion (£7.6
billion1)
