Vodafone would sell off stake in Bharti by November next year

Vodafone would sell off stake in Bharti by November next year

UK based mobile service provider Vodafone has confirmed that they would exit Bharti by selling its 5.6 per cent stake back to the Indian mobile industry leader Airtel.

They aim to complete this transaction by November next year. Vodafone has now entered on their own in India with their recent (majority stake) acquisition of Hutch which is the fourth largest mobile operator in the market.

Vodafone had said in a statement when they announced their plans to acquire a majority stake in Hutch: “The shareholding will be transferred in two tranches, the first before March 31, 2008 and the second by November 2008. Following the completion of this sale, the group will continue to hold an indirect stake of 4.39 per cent in Bharti Airtel.”

Vodafone’s Hutch deal had completed earlier this month and they have received all the required permissions from the Indian government.

Vodafone CEO Arun Sarin added: “The last year has seen a further reshaping of Vodafone’s portfolio, with our acquisitions in Turkey and India further increasing the group’s exposure to the exciting growth opportunities in emerging markets. We are well placed to continue delivering on our strategy.”