FIPB clears Vodafone’s proposal worth $1.6 bn

The Foreign Investment Promotion Board (FIPB) has cleared Vodafone Group’s Foreign Direct Investment (FDI) proposal worth $1.6 billion.

The plan will help Vodafone India to take full ownership by buying stake of minority shareholders Analjit Singh and Piramal Enterprises to fully own its Indian unit.

The deal needs final approval from the cabinet. A decision on Vodafone’s application was deferred in the December 9 FIPB meeting.

India has raised the cap of foreign holdings from 74 percent to 100 percent in August, 2013.

Vodafone group has direct holding of 64.4 percent in Vodafone India and directly and indirectly owns 84.5 percent.

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