However, Japan's NTT DoCoMo (DCM), which owns just over a quarter Tata Teleservices, has a right of first refusal on the majority holding.
Should Vodafone prevail, it would look to acquire all of Tata Teleservices, whose market cap is 16.28B rupees ($261M).
Meanwhile, Vodafone Egypt has been accused of inciting terrorism by incorporating secret messages supporting the Muslim Brotherhood in an advertisement.
Vodafone has denied the allegations, which Egyptian prosecutors are investigating amid an intensifying crackdown on the Muslim Brotherhood by the military government that deposed it.
The accusations add another headache for multinationals that operate in Egypt to go with political instability, security worries and economic uncertainty.