SC allows Vodafone to initiate second arbitration over $2 billion tax demand

Supreme Court on Thursday allowed Britain's Vodafone to initiate a second arbitration process under an India-UK investment pact over New Delhi's tax demand for more than $2 billion arising out of a deal that was struck a decade ago.

Written by Reuters

Updated: December 14, 2017 15:47 IST

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Vodafone, the world's second-largest mobile operator, entered India in 2007 by acquiring Hutchison Whampoa's wireless assets. (Reuters)

Supreme Court on Thursday allowed Britain’s Vodafone to initiate a second arbitration process under an India-UK investment pact over New Delhi’s tax demand for more than $2 billion arising out of a deal that was struck a decade ago. Vodafone, the world’s second-largest mobile operator, entered India in 2007 by acquiring Hutchison Whampoa’s wireless assets. It is contesting a tax bill of more than $2 billion relating to that acquisition. Separately, Vodafone has already initiated an arbitration process under India’s investment pact with the Netherlands.

(More details are awaited. )

This article was first uploaded on December fourteen, twenty seventeen, at forty-four minutes past three in the afternoon.