Biggest deals in the past 30 days
Piramal Healthcare, the health care arm of the Piramal Group, has signed
an agreement to acquire a 5.5 per cent stake in Vodafone Essar, the
Indian subsidiary of UK-based Vodafone.
Ajay Piramal
Piramal Healthcare, the health care arm of the Piramal Group, has signed an agreement to acquire a 5.5 per cent stake in Vodafone Essar, the Indian subsidiary of UK-based Vodafone. Piramal will buy the stake from ETHL Communications Holdings, an Essar group company, for Rs 2,912.5 crore, or $631.1 million. The deal, which values Vodafone Essar at $11.6 billion, will bring down Vodafone's stake in the Indian unit to 69.9 per cent. In March, Vodafone had bought a 33 per cent stake in Vodafone Essar from Essar group for Rs 25,380 crore, or $5.5 billion, raising its stake to 75.3 per cent, more than the 74 per cent cap on FDI in the telecom sector. This deal is in line with Piramal's diversification plans and marks its entry in the telecom sector.
