MUMBAI, May 10 (Reuters) - India's Piramal Enterprises is looking to exit next year its investment inVodafone Group Plc's local mobile phone unit, thedrugmaker's chairman Ajay Piramal said on Friday.
Piramal owns an 11 percent stake in Vodafone India Ltd,which is the country's second-biggest phone carrier. Piramal hadbought the stake in two stages for a total of about 59 billionrupees ($1.1 billion).
Vodafone has the first right to buy the stake from Piramalif a planned listing of the phone unit does not happen within 18months, Piramal said in February last year. Piramal had said thecompany expected an annual return of up to 20 percent from theinvestment.
Vodafone (VOD)
