Vodafone Finishes Hutch Acquisition

New Delhi: After almost 3 months since it first declared the decision to buy Hutchison Telecom International Ltd''s stake in Hutchison Essar, UK-based telecom major Vodafone on May 9, said that that it has finished the deal. The move comes after the company received the final approval from the Finance Minister, Mr P. Chidambaram. Vodafone will pay $10.9 billion in cash to HTIL, instead of the earlier declared $11.1 billion, reflecting retention and closing adjustments agreed between Vodafone and HTIL. The Foreign Investment Promotion Board was investigating whether the deal between Vodafone and HTIL violated the FDI norms. After holding meetings three times to discuss the complex shareholding in the company, green signal was given by FIPB on condition that further equity sales in the cellular company will have to be done after obtaining Government approval. Essar Group, said, they are delighted that Vodafone has got all regulatory approvals and has completed the acquisition of Hutchison''s shareholding in Hutchison Essar.