Vodafone India gets CCEA nod for 100 % FDI

The government of India has finally approved 100 percent foreign direct investment for Vodafone India.

The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of CGP India Investments for increase in foreign equity in Vodafone India Limited from 64.38 percent to 100 percent. The approval would result in foreign investment of approximately Rs 10,141 crore being received in the country.

CGP India Investments, an indirect wholly owned Mauritian subsidiary of Vodafone Group proposed to acquire the entire indirect interest held by Analjit Singh and Neelu Analjit Singh in Vodafone India, through their 51 percent shareholding in share capital of Scorpios Beverages (a company incorporated in India). In addition, Prime Metals, an indirect wholly owned Mauritian subsidiary of Vodafone Group, proposes to acquire 10.97 percent of the shares of Vodafone India from Piramal Enterprises .

Both acquisitions apprived by CCEA and the total consideration for these two transactions is approximately $1.6 billion. Once the acquisitions are completed, Vodafone Group will indirectly own 100 percent of share capital of Vodafone India.

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