NEW DELHI, Dec 30 (Reuters) - India's foreign investmentregulator cleared a decision on Vodafone Group Plc's $1.6 billion plan to take full ownership of its local unit, Economic Affairs Secretary Arvind Mayaram said on Monday.
The deal needs final approval from India's federal cabinet.
India allowed foreign companies in the telecommunicationssector to raise their holdings to 100 percent from 74 percent intheir Indian businesses in August.
Vodafone, which entered India in 2007 by buying HutchisonWhampoa's local cellular assets in an $11 billiondeal, directly and indirectly owns a combined 84.5 percent ofVodafone India, the country's No.2 telecoms company by users andrevenue. Its direct holding in the unit is 64.4 percent.
Vodafone (VOD)