Biggest deals in the past 30 days*

Ajay Piramal is getting serious about diversifying his business interests. Piramal Healthcare has agreed to acquire an additional 5.5 per cent stake in Vodafone India from ETHL Communications Holdings (Essar) for approximately Rs 3,007 crore ($606.2 million). The deal marked Essar Group's complete exit from its joint venture with Vodafone Group. After the transaction, Piramal's holding in Vodafone India will increase to approximately 11 per cent and it will get a seat on the company's board. Piramal intends to fund the transaction by borrowing approximately Rs 1,800 crore from mutual funds and using its cash reserves for the remainder. The company considers the acquisition a short-term investment (one to two years) and expects returns to range between 17 per cent and 20 per cent. Piramal expects to exit either through an IPO by Vodafone or by selling its stake back to Vodafone, which has the first right to buy it.