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Vodafone pays more to bag Essar deal

sunveer

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MUMBAI/NEW DELHI: The troubled four-year-old joint venture partnership between British telecom giant Vodafone Group Plc and the Indian conglomerate Essar group ended amicably on Friday. Vodafone said it has struck a full and final settlement with its Indian partner, marking the exit of the billionaire brothers Shashi and Ravi Ruia from Vodafone Essar, the country's second largest telecom operator by revenue.

Vodafone said it has restructured the deal it had struck with Essar earlier this year when it bought out its JV partner's 33% for $5 billion. The revised deal now amounts to $5.46 billion factoring in the potential $880 million tax liabilities. The transfer of shares from Essar to Vodafone for the 22% stake was completed in two tranches on June 1 and July 1. The payment of $1.26 billion for the remaining 11% stake held by Essar's Indian entity will be made by 15 February 2012. Vodafone has agreed to pay an additional $460 million to the steel-to-shipping conglomerate Essar on the day it withdrew application from Authority of Advanced Ruling (AAR) regarding withholding tax, as demanded by the local tax authorities.

Source: timesofindia
 

Bapun Raz

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go with bsnl and you forget vodefone den surely :p


umairaraza100 said:
i like the vodafone company so much and there mobile service is so fast
 
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