Vodafone to Buy Out Minority Indian Partner in $1.48 Deal
Vodafone to buy out minority Indian partner in $1.48 deal.Reuters

Vodafone has agreed to buy out a minority partner in its Indian arm, Vodafone India, for $1.48bn in a bid to take full control of its Indian operations.

Prime Metals, the British group's indirect subsidiary in India, will acquire minority shareholder Piramal Enterprises' 45.4 million shares in Vodafone India, according to media reports.

Piramal will exit its investment through the deal.

In February, Vodafone received New Delhi's approval to buy stakes from its minority Indian partners - Piramal and businessman Analjit Singh.

The deal is part of Vodafone's plan, announced in October 2013, to assume full control of the Indian unit, following a change in rules permitting foreign firms to own up to 100% of Indian telecommunication carriers.

Piramal purchased the 11% stake in Vodafone India for 58.64bn rupees (£582m, €703, $976m), through two transactions during the financial year 2011-12.

Vodafone moved into India in 2007 by acquiring Hutchison Whampoa's cellular assets in an $11bn deal.

The British group owns 84.5% of Vodafone India, the nation's second-largest telecoms firm by users and revenue.