Axiata sells Vodafone Idea stake, exits Indian market

Nieuws Mobiel India 24 AUG 2020
Axiata sells Vodafone Idea stake, exits Indian market

Malaysia's Axiata Group has sold its stake in Indian mobile operator Vodafone Idea, according to local stock market filings. Following this divestment, Axiata will exit the Indian market, Light Reading reports. Axiata initially held an 8.1 percent stake in Vodafone Idea, which was reduced to 2.48 percent after Axiata decided not to participate in Vodafone Idea's rights issue in 2019. Axiata's share further declined to just 1 percent by end-December 2019.

Axiata entered the Indian market in 2008 by purchasing a 20 percent stake in Idea Cellular for USD 20 billion. Vodafone India completed its merger with Idea Cellular in August 2018. The merger was initially announced in March 2017.

Categories:

Mobiel

Companies:

Vodafone,  Axiata,  Idea Cellular,  Vodafone India,  Vodafone Idea

Countries:

India,  Maleisië

Tags:

Shareholders & subsidiaries, Wholesale, M&A buyouts & divestments

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