India’s third largest mobile service provider Vodafone is seeking for global private equity partners for its India arm. After losing Indian partner Essar, UK-based telecom giant Vodafone has now started searching for new partner and already have initiated talks with few private equity companies to sell some stake in its India operations.
In 2007 Vodafone spent $11.1 billion to acquire 67% stake in the former Hutchison Essar in 2007. But now after Essar’s exit from the venture Vodafone is suppose to transfer remaining Essar’s 33% stake and it will cross the limit on foreign holding in a telecom company by 1%, forcing Vodafone to divest some to a domestic partner.
Currently Vodafone has $5.46 billion subscriber in India and they have invested already around $18 billion for its India operations.
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