New Delhi: Sunil Mittal's Bharti Group would acquire 5.6 per cent direct stake held by Vodafone for $1.6 billion after the UK company completes its transaction to pick majority stake in Hutchison Essar Ltd.
"Pursuant to Vodafone acquiring a controlling interest in Hutchison Essar Ltd, Bharti Group has an arrangement to buy the 5.6 per cent direct interest of Vodafone in the company for $.6 billion, on a deferred payment basis," PTI quoted Bharti saying.
Mittal, whose group brought Vodafone to India by making that company a strategic partner, told PTI that "we are pleased to welcome Vodafone and congratulate them on their Hutch acquisition.
Vodafone will continue to hold an indirect 4.4 per cent economic interest in Bharti Airtel, as a financial investor and will not have any representation on the company's board nor any management rights.
"Today, the Indian telecom sector is one of the most sought after in the world and the bid is a strong endorsement of the government policy to promote the Indian telecom sector."
He said that Bharti and Vodafone have enjoyed a very fruitful relationship and both the companies will work with the Industry to connect millions of people across India.
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