NEW DELHI, April 10 India's Piramal Enterprises
Ltd said on Thursday it agreed to sell an about 11
percent stake it owns in the Indian unit of Vodafone Group Plc
to the British group for 89 billion rupees ($1.48
The deal is part of Vodafone's plan first announced last
October to take full control of the unit for a total 101.41
billion rupees, following a change in rules allowing foreign
companies to own up to 100 percent of Indian telecommunication
Vodafone, which entered India in 2007 by buying Hutchison
Whampoa's local cellular assets in a $11 billion deal,
directly and indirectly owns a combined 84.5 percent of Vodafone
India, the country's No.2 telecoms company by users and revenue.
Vodafone received the Indian cabinet's approval in February
to buy stakes from its minority Indian partners -- Piramal and
Indian businessman Analjit Singh.
Piramal had bought the 11 percent stake in Vodafone India in
two tranches during the financial year to March 2012 for 58.64
billion rupees. It is selling the stake to Prime Metals Ltd,
which it said is an indirect subsidiary of Vodafone Group.
Piramal shares rose as much as 7.1 percent after the
($1 = 60.1150 Indian Rupees)
(Reporting by Devidutta Tripathy in Mumbai and Aditya
Kondalamahanty in Bangalore; Editing by Anupama Dwivedi)