Vodafone increases price for Essar stake

Monday 4 July 2011 | 08:59 CET | News
Vodafone Group announced a new agreement with its Indian partner Essar to buy out its stake in the mobile operator Vodafone Essar. Vodafone is paying USD 5.46 billion for the remaining 33 percent in Vodafone Essar, up from an earlier price of USD 5.0 billion indicated in late March. This includes USD 3.32 billion for an initial 22 percent from Essar Communications (Mauritius) and ETHL Communications Holdings, including withholding tax of USD 0.88 billion. The transfer of these shares to Vodafone was completed in two tranches on 1 June and 1 July. Whilst Vodafone and Essar believe that no tax

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Categories: Mobile & Wireless
Companies: Vodafone / Vodafone Essar
Countries: India
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