MUMBAI May 10 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