Analjit Singh sells entire stake in Vodafone India for Rs1,241 crore
10 Apr 2014
Just a few hours after Ajay Piramal-led Piramal Enterprises sold its stake in Vodafone India Ltd to parent Vodafone Group Plc, Analjit Singh also sold his 24.65 per cent stake for Rs1,241 crore ($207 million).
The amount received by Analjit Singh is consistent with the agreements signed between him and Vodafone Plc in 2007 and 2009.
Analjit Singh is Vodafone India's non-executive chairman and founder-head of Max India Ltd.
Earlier in the day, Piramal Enterprises agreed to sell its 10.97 per cent stake in Vodafone India to Vodafone Group, for Rs8,900 crore ($1.48 billion) (See: Piramal to sell entire stake in Vodafone India for Rs8,900 crore)
The dual sale will see Vodafone Group Plc owning 100 per cent of Vodafone India, the country's second-largest telecom company by revenue and subscribers.
The sale comes two months after India's Cabinet Committee on Economic Affairs approved the proposal of London-based Vodafone Plc to increase its equity stake in its Indian arm from 64.38 per cent to 100 per cent. (See: Cabinet clears Vodafone's Rs10,141-cr buy-out of India operations)
Vodafone entered India in 2007 by buying Hutchison Whampoa's India venture with the Essar Group in an $11-billion deal.