India's Piramal says looking to exit Vodafone investment next yr

MUMBAI Fri May 10, 2013 3:05am EDT

MUMBAI May 10 (Reuters) - India's Piramal Enterprises is looking to exit next year its investment in Vodafone Group Plc's local mobile phone unit, the drugmaker's chairman Ajay Piramal said on Friday.

Piramal owns an 11 percent stake in Vodafone India Ltd, which is the country's second-biggest phone carrier. Piramal had bought the stake in two stages for a total of about 59 billion rupees ($1.1 billion).

Vodafone has the first right to buy the stake from Piramal if a planned listing of the phone unit does not happen within 18 months, Piramal said in February last year. Piramal had said the company expected an annual return of up to 20 percent from the investment.

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