Vodafone’s Rs 10,141 crore FDI proposal has been cleared, sources said after the meeting of Foreign Investment Promotion Board in Delhi. The telecom major, which holds 64.38 percent stake in the Indian unit, will buy remaining outstanding shares from minority shareholders like Ajay Piramal and Analjit Singh.

Piramal holds a 10.97 percent stake in India's second-largest telecom company by subscribers while Singh, who is Vodafone India's non-executive chairman, holds 24.65 percent.

Vodafone Group Plc will pay Analjit Singh Rs 1,241 crore and Piramal Enterprises Rs 8,900 crore for their stakes in Vodafone India as part of a proposal.

CGP India Investments Ltd, an indirect Mauritian subsidiary of Vodafone International Holdings BV, had sought FIPB approval to buy the stake held by minority shareholders in Vodafone India Ltd.

The decision on Vodafone application was deferred at the previous meeting as comments from the Ministry of Home Affairs (MHA) were awaited.


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