Bharti-Vodafone: Cutting off the ties

Sunil Mittal led Bharti Group has bought back 4.9% direct stake from Vodafone in Bharti Airtel; the country’s No.1 telecom service provider. The stake has come at a price of around $1.4 billion. After the buyback, the group’s holding in Bharti Airtel has risen to over 50% from the earlier 46%. However, Vodafone still commands 4.4% indirect stake in the group and a 0.61% direct stake in Bharti Airtel. In the year 2005, Vodafone bought a 10% stake in it for $1.5 billion. The move comes across after Vodafone acquired a controlling stake in Hutchison Essar (Hutch) in February this year. The company plans to buy back the remaining direct stake in the next 15 months.

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Source: IIPM Editorial, 2008

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