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.
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