CCEA clears Vodafone's Rs 10,141 crore FDI proposal

The Cabinet Committee on Economic Affairs (CCEA) approved Vodafone's FDI proposal of buying out minority shareholders in its Indian branch for 10141 crore rupees. The CCEA approved the proposal of Vodafone's FDI on 6 February 2014.

This will be the single largest foreign investment in the telecom sector in India. Also, Vodafone has become the first telecom operator to be fully owned by a foreign firm since government allowed 100 percent FDI in telecom sector in 2013.

Imporant to Note : 

• Vodafone Group Plc will pay Analjit Singh 1241 crore rupees and Piramal Enterprises 8900 crore rupees for their stakes in Vodafone India as part of the proposal.
• Piramal holds 10.97 percent stake in Vodafone India, while Analjit Singh, who is Vodafone India's non-executive chairman, holds 24.65 percent