Oct 7 (Reuters) - Britain's Vodafone plans to investas much as $2 billion to buy out minority shareholders inVodafone India, the Financial Times reported on Monday.
Vodafone will file an application this month with India'sforeign investment promotion board to seek clearance for theinvestment, the Financial Times reported, citing two peoplefamiliar with the situation.
Vodafone could not immediately be reached for comment.
The FT said the size of the investment suggested that the world's second-largest telecoms operator will not up its staketo 100 percent.
In July, India approved raising the foreign investment limitin the telecom sector to 100 percent from 74 percent in a bid tolure capital inflows, prop up a sliding currency and boostgrowth.
The Financial Times said Vodafone is considering buying outsome minority investors including billionaire industrialist AjayPiramal, who holds 11 percent stake in Vodafone India.
Vodafone owns about 64 percent of Vodafone India, while 25percent is controlled by undisclosed minority shareholders, whoare understood to include Analjit Singh, chairman of VodafoneIndia, the FT said.