India's foreign investment regulator has cleared Vodafone's plan to take full ownership of its local unit, Reuters reports citing Economic Affairs Secretary Arvind Mayaram. The deal still needs final approval from India's federal cabinet. India agreed a change in foreign investment rules in August, to allow foreign companies in the telecommunications sector to raise their holdings to 100 percent from 74 percent. Vodafone owns 84.5 percent of Vodafone India, the country's second-largest operator, through a number of direct and indirect holdings. The price to buy the additional 15.5 percent stake in Vodafone India from local shareholders is about INR 101.4 billion (USD 1.65 billion), implying a total value for the India subsidiary of INR 654.2 billion.
