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Industry: Email Alert RSS FeedBharti Airtel to buy its 5.6 percent stake from Vodafone
Telecommunications Mergers & Acquisitions, May, 2007 by Anonymous
Bharti Airtel plans to purchase its 5.6 percent stake held by UK-based telecom firm Vodafone by November2008 for $1.6 billion. The British company had bought a 10 percent stake in Airtel for $1.5 billion in 2005. The Department of Telecom's license norms state that no promoter can own over 10 percent stake in two different firms in the same circle. Vodafone shall soon commence its business in India and battle it out with Bharti Airtel.
The first phase of the shareholding (to be purchased by Bharti) will be transferred before March 31,2008, while the second stage would be completed by November 2008. After the sale, Vodfone would still have an indirect stake of 4.39 percent holding in Bharti Airtel. Vodafone chief executive officer Arun Sarin said that the company has had a good...
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