The Indian government's Cabinet Committee on Economic Affairs has approved Vodafone's proposal to increase stake in its Indian arm from 64.38% to 100%, a move which the government expects will bring in approximately Rs 10,141 crore into India. CGP India Investments Limited, an indirect wholly-owned Mauritian subsidiary of Vodafone, proposes to acquire the entire indirect interest (24.65% stake) held by Analjit Singh and Neelu Analjit Singh in Vodafone India Limited, through their 51% shareholding in share capital of Scorpios Beverages Private Limited (a company incorporated in India). In addition, Prime Metals Limited, an indirect wholly owned Mauritian subsidiary of Vodafone, had proposed to acquire 10.97% stake of the shares of VIL from Piramal Enterprises Limited. The proposal was however deferred by FIPB in the December 9 meeting, since it was apparently awaiting for comments from the Ministry of Home Affairs, after which it was forwarded to the CCEA. If Vodafone does get the final clearance, it will probably be the first foreign telco to buy out its Indian shareholders, after the government allowed 100% Foreign Direct Investment (FDI) in telecom in July 2013. Last month, Norwegian telecom operator Telenor has raised its stake in Telewings to 74% after receiving FIPB approval to increase its stake and invest up to Rs 1,000 crore in the JV in June 2013. Singtel was also looking to buy out its minority shareholders in Singtel Global (India) Pvt Ltd, however the proposal was temporarily postponed by FIPB in November 2013 and later deferred. Vodafone India Revenues Vodafone India revenues declined 1.98% year on yaer to £937 million for the quarter ending December 31, 2013. The company reported adjusted…
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