Piramal to buy 5.5% stake in Vodafone Essar for USD 640 mln

News Wireless India 11 AUG 2011
Piramal to buy 5.5% stake in Vodafone Essar for USD 640 mln
Drugmaker Piramal Healthcare has agreed to purchase approximately 5.5 percent of Indian mobile operator Vodafone Essar from Essar for USD 640 million. The transaction follows the settlement between Vodafone and Essar over the sale of Essar's approximately 33 percent stake in VEL, announced on 1 July. The transaction allows for various exits for Piramal, including both participation in a potential initial public offering of Vodafone Essar and a sale of its stake to Vodafone.

Categories:

Mobile

Companies:

Vodafone,  Vodafone Essar

Countries:

India

Tags:

Voice services, Shareholders & subsidiaries, Wholesale

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