Vodafone rentre en Inde pour y devenir le premier marché dans le monde

Source : PTI News

Vodafone has announced acquisition of majority 67 per cent stake in Indian mobile firm Hutch- Essar for 11.1 billion USD, marking the single largest foreign investment into India -- one of the fastest expanding telecom markets.

Announcing the deal that puts the enterprise value of Hutch-Essar at 18.8 billion dollars last night, Vodafone CEO Arun Sarin said: "We are delighted to be deepening our involvement in the Indian mobile market... We have concluded this transaction within our stated financial investment criteria." Simultaneously, Vodafone offloaded its 5.6 per cent direct stake in India's mobile leader Bharti Airtel to the Bharti Group for 1.6 billion USD.

Vodafone said it had agreed to buy Hong Kong-based Hutchison Telecom International Ltd's 67 per cent stake in Hutch-Essar for 11.1 billion USD plus two billion USD in debt, valuing the company at 18.8 billion USD.

"This is a good price which reflects the premium position of Hutchison Essar as India's leading operator," Essar, which holds 33 per cent stake in the venture, said in a statement.

Vodafone's bid trumped offers by Reliance Communications (RCOM), Essar and the Hinduja Group.

RCOM Chairman Anil Ambani, in a statement, welcomed Vodafone into India, saying: "Vodafone's participation is a further endorsement of the exciting future growth potential, and the progressive policies... In the Indian telecom sector." Earlier, Bharti Group Chairman Sunil Mittal told PTI that "the Indian telecom sector is one of the most sought after in the world and the (Vodafone) bid is a strong endorsement of the government policy to promote the Indian telecom sector."

UK telecom giant Vodafone has offloaded its 5.6 per cent direct stake in India's mobile leader Bharti Airtel to promoter Sunil Mittal's group for 1.6 billion dollars, coinciding its acquisition of controlling stake in Hutch-Essar.

"Vodafone has sold its 5.6 per cent direct stake in Bharti Airtel to the group," Bharti Group Chairman Sunil Mittal told PTI, elaborating that the deal was on a deferred payment basis.

Vodafone will, however, continue to hold an indirect 4.4 per cent stake in the Company, as a financial investor and will not have any representation on Bharti Airtel's board nor any management rights.

Mittal, whose group brought Vodafone to India by making that company a strategic partner, said: "We are pleased to welcome Vodafone and congratulate them on their Hutch acquisition.

He said that Bharti and Vodafone have enjoyed a very fruitful relationship and both the companies will work with the Industry to connect millions of people across India.