The German company has already received approval from the Foreign Investment Promotion Board (FIPB) to buy out the 26 per cent stake in Phoenix Yule. Phoenix Yule is 74:26 JV between Yule and the German company.
Informed sources said final discussions on the transfer were on and the deal is expected to be sealed shortly.
T K Mukherjee, managing director of Phoenix Yule, said,
