Global mobile telephony giant Vodafone has formally acquired the controlling stake in Hutch-Essar from Hong Kong-based Hutchison Telecommunications International for $10.9 billion.
“I am delighted that, having secured all the necessary regulatory approvals, we are now able to complete this important transaction and move onto the process of integration,” India-born Vodafone chief executive Arun Sarin said.
“India is a tremendously exciting and fast moving market and I am confident that the Hutch-Essar business would make a major contribution to the Vodafone group over the coming years,” Sarin added in a statement.
London-headquartered Vodafone had said Feb 11 that it had concluded its talks to pick up a 52-percent stake in Hutch-Essar from Hutchison Telecommunications, a company based in Hong Kong, controlled by industrialist Li-Kashing.
