Vodafone raises stake in India operations
05-02-2010
Revenues jump mainly on the back of Vodafone India
Vodafone Group has increased its stake in its Indian JV Vodafone Essar by over 6 per cent to 57.59 per cent.
Vodafone has raised the stake by acquiring 49 per cent interest in each of the two companies promoted by its former India head Asim Ghosh and a minority shareholder Analjit Singh.
"In December 2009 the group acquired a 49 per cent interest in each of the two companies that hold indirect equity interests in Vodafone Essar (Vodafone India) following the partial exercise of options...As a result the group increased its aggregate direct and indirect equity interest in Vodafone India from 51.58 to 57.59 per cent," Vodafone said in a statement today.
Last December, Ghosh and Singh got the Foreign Investment Promotion Board (FIPB) approval to sell part of their respective stakes in Vodafone Essar.
For the December 2009 quarter, Vodafone's revenues jumped 10.3 per cent to 11.5 billion pounds, mainly on the back of strong performance by Vodafone India.
The telecom company saw its service revenues rise 13.8 per cent to 767 million pounds in India in the December quarter, boosted by robust customer growth.
Vodafone's revenues shot up 10.3 per cent to 11.5 billion pounds while services revenues jumped 11 per cent to 10.7 billion pounds in the three months ended December 2009.
From Economic Times
Vodafone Group has increased its stake in its Indian JV Vodafone Essar by over 6 per cent to 57.59 per cent.
Vodafone has raised the stake by acquiring 49 per cent interest in each of the two companies promoted by its former India head Asim Ghosh and a minority shareholder Analjit Singh.
"In December 2009 the group acquired a 49 per cent interest in each of the two companies that hold indirect equity interests in Vodafone Essar (Vodafone India) following the partial exercise of options...As a result the group increased its aggregate direct and indirect equity interest in Vodafone India from 51.58 to 57.59 per cent," Vodafone said in a statement today.
Last December, Ghosh and Singh got the Foreign Investment Promotion Board (FIPB) approval to sell part of their respective stakes in Vodafone Essar.
For the December 2009 quarter, Vodafone's revenues jumped 10.3 per cent to 11.5 billion pounds, mainly on the back of strong performance by Vodafone India.
The telecom company saw its service revenues rise 13.8 per cent to 767 million pounds in India in the December quarter, boosted by robust customer growth.
Vodafone's revenues shot up 10.3 per cent to 11.5 billion pounds while services revenues jumped 11 per cent to 10.7 billion pounds in the three months ended December 2009.
From Economic Times
