Vodafone’s Hutch Acquisition Delayed

Vodafone’s Hutch Acquisition Delayed

The Indian government has delayed their decision to approve the Vodafone’s multi-billion-dollar deal to buy Hutchison Essar.

They still have not decided whether the company’s shareholding structure would meet the government’s set foreign investment rules.

Finance Secretary Ashok Jha spoke on this development: “I have sought more comments from the companies. They have agreed to give us more details. The decision has been deferred.”

They have not given any timeframe to come out with a decision. Vodafone is in the process of acquiring a majority stake in the Indian mobile service provider Hutch as they aim to become a major player in the market.

India is one of the fastest growing mobile markets in the world and is adding millions of new customers every month.