{"id":352750,"date":"2011-03-31T11:10:20","date_gmt":"2011-03-31T11:10:20","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/31\/vodafone-makes-5bn-india-buyout\/"},"modified":"2011-03-31T11:10:20","modified_gmt":"2011-03-31T11:10:20","slug":"vodafone-makes-5bn-india-buyout","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/31\/vodafone-makes-5bn-india-buyout\/","title":{"rendered":"Vodafone makes $5bn India buyout"},"content":{"rendered":"<p><div readability=\"54.901449275362\">\n    \t\t  <span><br \/>\n    <span>31 March 2011<\/span><br \/>\n<span>Last updated at <\/span><span>07:10 ET<\/span><br \/>\n<\/span><\/p>\n<p>Vodafone is to pay its local partner, Essar Group, $5bn (\u00a33.1bn) to buy them out of their Indian joint venture.<\/p>\n<p>The phone giant&#8217;s decision to exercise its option to purchase Essar&#8217;s 33% stake was widely expected.<\/p>\n<p>It leaves Vodafone holding 75% of the business, giving it a majority stake for the first time, although Indian foreign ownership rules will force the UK firm to reduce that to 74%.<\/p>\n<p>It also ends a relationship with Essar that had become increasingly strained.<\/p>\n<p>The two firms had clashed publicly over plans by Essar to reorganise its ownership of the Indian business in a way that Vodafone claimed would not value the company correctly.<\/p>\n<p>Vodafone has faced a string of problems since entering the Indian market in 2007, including a \u00a32.3bn write-down &#8211; 25% of the business&#8217;s value &#8211; due to rising spectrum costs, and a disputed $2.5bn tax bill from the Indian authorities.<\/p>\n<p>The buyout will be completed by November, <a href=\"http:\/\/www.bbc.co.uk\/news\/UK%20mobile%20giant%20Vodafone%20is%20to%20pay%20local%20partner%20Essar%20Group%20$5bn%20to%20buy%20out%20share%20is%20their%20India%20joint%20venture.\">according to a statement on Vodafone&#8217;s website<\/a>.<\/p>\n<p>The company will need to reduce its stake before then, in order to comply with Indian rules, and may do so via a partial stock flotation.<\/p>\n<\/p><\/div>\n<\/p>\n<p>Here is the original post:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/business-12920293\" title=\"Vodafone makes $5bn India buyout\" rel=\"noopener noreferrer\">Vodafone makes $5bn India buyout<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 31 March 2011 Last updated at 07:10 ET Vodafone is to pay its local partner, Essar Group, $5bn (\u00a33.1bn) to buy them out of their Indian joint venture. The phone giant&#8217;s decision to exercise its option to purchase Essar&#8217;s 33% stake was widely expected. It leaves Vodafone holding 75% of the business, giving it a majority stake for the first time, although Indian foreign ownership rules will force the UK firm to reduce that to 74%<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-352750","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vodafone makes $5bn India buyout - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/31\/vodafone-makes-5bn-india-buyout\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vodafone makes $5bn India buyout - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"31 March 2011 Last updated at 07:10 ET Vodafone is to pay its local partner, Essar Group, $5bn (\u00a33.1bn) to buy them out of their Indian joint venture. The phone giant&#039;s decision to exercise its option to purchase Essar&#039;s 33% stake was widely expected. It leaves Vodafone holding 75% of the business, giving it a majority stake for the first time, although Indian foreign ownership rules will force the UK firm to reduce that to 74%\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/31\/vodafone-makes-5bn-india-buyout\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/31\/vodafone-makes-5bn-india-buyout\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Vodafone makes $5bn India buyout\",\"datePublished\":\"2011-03-31T11:10:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/31\/vodafone-makes-5bn-india-buyout\/\"},\"wordCount\":209,\"commentCount\":0,\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/03\/31\/vodafone-makes-5bn-india-buyout\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/31\/vodafone-makes-5bn-india-buyout\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/03\/31\/vodafone-makes-5bn-india-buyout\/\",\"name\":\"Vodafone makes $5bn India buyout - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"datePublished\":\"2011-03-31T11:10:20+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/03\/31\/vodafone-makes-5bn-india-buyout\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Vodafone makes $5bn India buyout - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/03\/31\/vodafone-makes-5bn-india-buyout\/","twitter_card":"summary_large_image","twitter_title":"Vodafone makes $5bn India buyout - Ghanamma.com","twitter_description":"31 March 2011 Last updated at 07:10 ET Vodafone is to pay its local partner, Essar Group, $5bn (\u00a33.1bn) to buy them out of their Indian joint venture. The phone giant's decision to exercise its option to purchase Essar's 33% stake was widely expected. 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