Zee Media Bureau
New Delhi: Vodafone on Monday sought approval from the Foreign Investment Promotion Board (FIPB) to increase its Indian unit holding to 100 percent at estimated cost of Rs 10,141 crore.
Vodafone India Managing Director and Chief Executive Officer Martin Pieters further added that Vodafone India plans to invest about Rs 4,000 to Rs 6,000 crore annually in short to medium term.
The government is considering a proposal to allow mergers that result in companies owing up to 50 percent of the market share instead of current cap of 35 percent.
"I think it has opened up more possibilities (for consolidation)," he said on the reported move.
Vodafone MD and CEO said most of the players in the sector have huge debt and acquiring them would lead to addition of debt on the company that acquires them.
Loaded with about USD 130 billion cash, Vodafone Plc is looking to raise its stake in Vodafone India to 100 percent from about 74 percent at present with investment of over USD 2 billion.
