FIPB clears Vodafone's plan to fully own local unit Monday Dec 30,2013

The Foreign Investment Promotion Board (FIPB) on Monday Dec 30,2013 approved two major investment proposals:

•  UK-based Tesco’s plan to enter the Indian multi-brand retail segment with an initial outlay of $110 million (Rs 680 crore) and

•  Vodafone Plc’s bid to raise its stake to 100 per cent in the Indian venture paying over Rs 10,000 crore

The Foreign Investment Promotion Board (FIPB) cleared a decision on Vodafone Group Plc's around Rs. 10,000-crore plan to take full ownership of its local unit, Economic Affairs Secretary Arvind Mayaram said on Monday Dec 30,2013

India allowed foreign companies in the telecommunications sector to raise their holdings to 100 % from 74 % in their Indian businesses in August 2013

Vodafone, which entered India in 2007 by buying Hutchison Whampoa's local cellular assets in an $11-billion, or nearly Rs. 68,000-crore, deal, directly and indirectly owns a combined 84.5 % of Vodafone India, the country's No.2 telecoms company by users and revenue.

Its direct holding in the unit is 64.4 %