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Vodafone takes 10% Bharti stake for Rs 6,700cr

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Press Trust of India New Delhi
Vodafone, the world's largest mobile firm, today acquired a 10% stake in Sunil Mittal-promoted Bharti Tele-Ventures for Rs 6,700 crore ($1.5
billion).

This is the single largest foreign investment in India so far. Vodafone picked up 5.65% stake from Warburg Pincus and 4.4% through Bharti Enterprises.

With this transaction, Warburg Pincus has now completely exited from Bharti Tele-Ventures.

Sunil Mittal, chairman and group managing director of Bharti, said: "We are delighted that Vodafone has made a call on the Indian telecom sector, and has chosen Bharti Tele-Ventures to be the vehicle to develop its continuing interest in the Asian region."

 

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First Published: Oct 28 2005 | 12:45 PM IST

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