British telecom group Vodafone, which operates in India through a JV with Essar, is considering to acquire part of the stakes of two of its minority shareholders Asim Ghosh and Analjt Singh.
Ghosh and Singh have applied to Foreign Investment Promotion Board (FIPB) for approval.
"I have applied to FIPB for part-sale of my stake in Vodafone. I will stay invested in the company and would continue to be on the board of Vodafone-Essar," Singh told PTI.
Asim Ghosh, former MD of Vodafone-Essar, who has also sold part of his holding in Vodafone had an effective stake of 4.68 per cent through investment firm AG Mercantile. Post clearance of FIPB, it will come down to 2.39 per cent.
The deal amount is about Rs 330 crore, he said. Singh, through three of his companies, had an effective shareholding of 7.58 per cent in Vodafone-Essar. After the transaction, the holdings of Singh will fall to 3.87 per cent, respectively.
On his future investment plans, Ghosh said, "I won't like to talk about that."
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Asked when the deal could be concluded, Ghosh said, that would depend on how long FIPB takes to clear the proposal.
Singh a decade ago, sold most of his stake in Hutchison Max for Rs 560 crore which eventually became Hutchison Essar and still later to Vodafone Essar.