Vodafone to buy-out minority shareholders in Indian unit

Vodafone is considering buying-out some of the minority shareholders in its Indian business, following a recent change in that country´s regulatory framework, by investing as much as 2bn dollars. That is a vote of confidence in the long-term potential of the Sub-continent.In July Indian authorities liberalised their telecommunications market, eliminating the restriction on foreign businesses being able to own more than 74% of their subsidiaries. At present the company owns 64% of Vodafone India, while 11% is controlled by billionaire industrialist Ajay Piramal. The 25% remaining is in the hands of undisclosed minority shareholders, The Financial Times explains. Mr. Piramal, who´s stated plan is to sell to Vodafone by early next year, built up his stake during 2011 and 2012 for about $1.2bn, implictly valuing the entire business at about $11bn, the FT adds. Vodafone India is now the second largest telecomunications group by revenues in India. AB