Vodafone seeks approval to fully own Indian unit

|About: Vodafone Group Plc (VOD)|By:, SA News Editor

Confirming a recent Bloomberg report, Vodafone (VOD -0.6%) has officially requested approval to assume full ownership of its Indian unit, Vodafone India.

The carrier is offering $1.7B to buy out minority holders; it paid $11B to buy a direct majority stake (currently at 64.4%) in the unit in 2007, and directly and indirectly owns an 84.5% stake. Thus, Vodafone's offers values Vodafone India at nearly $11B.

Vodafone India is India's second-largest mobile carrier, and had 154M subs (18% of the local market) as of August. Vodafone, flush with Verizon Wireless cash, has promised to invest $2B in its Indian ops.