NEWS /
|
Global mobile telephony giant Vodafone has formally acquired the controlling stake in Hutch-Essar from Hong Kong-based Hutchison Telecommunications International for $10.9 billion. "I am delighted that, having secured all the necessary regulatory approvals, we are now able to complete this important transaction and move onto the process of integration," India-born Vodafone chief executive Arun Sarin said. "India is a tremendously exciting and fast moving market and I am confident that the Hutch-Essar business would make a major contribution to the Vodafone group over the coming years," Sarin added in a statement. London-headquartered Vodafone had said Feb 11 that it had concluded its talks to pick up a 52-percent stake in Hutch-Essar from Hutchison Telecommunications, a company based in Hong Kong, controlled by industrialist Li-Kashing. But the takeover was challenged and even went to court over whether the foreign equity component after the acquisition would adhere to the 74 percent cap imposed by the Indian government in telecom service companies. India's Essar Group of the Ruias has a 33-percent stake in the venture, of which 22 percent is held through a foreign source Essar Mauritius. The residual stake is owned by Asim Ghosh, managing director of Hutch-Essar, Max India chairman Analjit Singh and infrastructure finance major HDFC. But Ghosh and Singh had taken Hutchison as guarantor for a loan to buy the stake. Hence, the matter was left to the Foreign Investment Promotion Board (FIPB), a government body headed by Finance Secretary Ashok Jha, to decide on the matter - which gave its clearance on April 27. And within a week of the board's approval, Finance Minister P. Chidambaram gave his formal nod May 4, paving the way for the acquisition. It has been decided that Essar's vice chairman Ravi Ruia would be chairman of the new joint venture while Vodafone's Sarin would be vice-chairman. Vodafone has said it would invest $2 billion within two years in the Hutch-Essar telecom venture to particularly tap the rural market, expand infrastructure and improve the tele-density in the country. |
Mixx
Facebook
Twitter
Digg
delicious
reddit
MySpace
StumbleUpon
LinkedIn
Windows 8 likely to support Adobe Flash
About eight months back, when Microsoft introduced its Windows 8 Metro UI, it was almost clear that the company’s Metro version........
Dell Latitude 10, first Windows 8 tablet shows up
Microsoft's programme to incubate 10 Indian start-ups in cloud computing
Giant radio telescope gets split location
Asus Eee Pad Transformer Prime TF201 Review
Top 5 potential Gmail alternatives
Yahoo! Axis reportedly slowing down IE9
Leaked Images, Availability, Pricing,
Specs, Pre-order
Karbonn officially launches the A9 Android smartphone
14 May, 2012, 06:14 PM IST
Supreme Court website hacked in response to TPB, Vimeo block
17 May, 2012, 04:46 PM IST
Sony Xperia P up for pre-order on Infibeam, launching on 25 May
19 May, 2012, 04:32 PM IST
Samsung Galaxy S III pops up on eBay India for Rs. 44,770
22 May, 2012, 11:19 AM IST
16 May, 2012, 11:57 AM IST
The latest "should they-shouldn't they" event with Facebook is the lift of the minimu...
Creative Sound Blaster Recon3D Fatal1ty Champion Review
26 May, 2012, 04:13 PM IST
6.0
Back in the day when audio solutions weren’t integrated into motherboards, people had to go out and buy their own sound cards. They were large
Asus Eee Pad Transformer Prime TF201 Review
Portable Wi-Fi Drives for your smartphone
Fed up of the limited storage on your mobile device? Here are some devices
Top 5 potential Gmail alternatives
Google’s Gmail service is arguably the most advanced and feature-packed...
Five ways to beat the petrol hike
Petrol prices went up by a considerable amount post Wednesday, and this...
By Karan Shah
SpaceX's Dragon capsule locks up to the ISS
26 May, 2012, 04:18 PM IST
In a moment that is nothing short of being historic, SpaceX’s Dragon capsule has, according to NASA reports ...
Microsoft VP talks about Ballmer's new tech - an 80-inch touchscreen
Cisco won't invest in their Android tablet for businesses
Yahoo! shuts down Livestand 6 months after launch
Giant radio telescope gets split location
776 views
_011517074205_160x90.jpg "Epson Stylus Photo R3000")
Sony to roll-out ICS update next week,...
BlackBerry Curve 9320 announced in India...
Microsoft VP talks about Ballmer's...
Cisco won't invest in their Android...
About Us | Site Profile | Tech2 Team | IBNLive News | IBNLive Hindi News | Cricket News | Indian Stock Market | Policy | T & C
Copyright © 2011, Tech2.com India - A Network 18 India Venture
