Vodafone to buy 11% holding in Indian subsidiary for $1.48B

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

Vodafone (VOD) has agreed to acquire an 11% stake in its Indian unit held by partner Piramal Enterprises for 89B rupees ($1.48B).

The transaction is part of Vodafone's plan to obtain 100% control of the subsidiary for a total of 101.41B rupees. The U.K. company owns 84.5% of Vodafone India directly and indirectly.

Vodafone also intends to purchase the holding of another minority investor, businessman Analjit Singh.