Primaral raises stake in Vodafone India
Vodafone has announced that Piramal Healthcare has acquired a further 5.5% stake of Vodafone India (VIL) from ETHL Communications (Essar) for 30.07bn rupees (£385m), raising its total interest to 11%.
Vodafone has announced that Piramal Healthcare has acquired a further 5.5% stake of Vodafone India (VIL) from ETHL Communications (Essar) for 30.07bn rupees (£385m), raising its total interest to 11%.
This purchase adds to Piramal's 5.5% shareholding it purchased from Essar in August 2011, and completes the exit of the Essar group as a shareholder.
"The transaction contemplates various exit mechanisms for Piramal, including both participation in a potential initial public offering of VIL and a sale of its stake to Vodafone," Vodafone said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
BC
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
How to do a mid-retirement MOT
You may have heard of a midlife MOT, but experts say a mid-retirement MOT is also essential to ensure your finances are on track and your pension savings last as long as you do
-
Burberry’s share price surges despite collapsing profits and job cuts announcement
Burberry’s share price has soared, despite collapsing profits and around 1,700 jobs potentially set to be cut, as markets assess the turnaround plan’s effectiveness