‘Vodafone payments consistent with deal’

Jan 01 2014, 21:02 IST
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SummaryA day after FIPB cleared Vodafone buying out minority stakeholders for R10,141 crore in its India arm

A day after FIPB cleared Vodafone buying out minority stakeholders for R10,141 crore in its India arm, Vodafone India’s non-executive chairman Analjit Singh on Tuesday said payments being made to him were consistent with the agreement he had signed with the British telecom giant.

Analjit Singh, who is founder and chairman of Max India, owns 51% interest in Scorpio Beverages, which is being paid R1,241 crore for the 24.65% stake it holds in Vodafone India. Piramal, the only other minority shareholder in Vodafone India, is being paid R8,900 crore for its 10.97% stake.

“The consideration payable to Analjit Singh is consistent with the agreements signed between him and Vodafone, which were filed with the FIPB in 2007 and 2009,” the statement said.

Singh hailed the decision of the Foreign Investment Promotion Board wherein it approved Vodafone’s proposal to increase its shareholding in the UK based telco’s Indian arm.

Terming the decision as “extremely encouraging and most forward looking”, Singh said this would send the right signal to investors all over the globe who have plans to invest in India.

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