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…
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