Indian mobile firm stake goes for USD 11.1 billion

Posted on February 12, 2007  /  0 Comments

Hutchison exits India and Vodafone enters.   Will this accelerate Indian mobile growth to Indonesia and Pakistan levels?  No clear evidence of increased investment; new pricing strategies, etc. yet.

BBC NEWS | Business | Vodafone buys Indian mobile firm

Vodafone has bought a controlling stake in Indian mobile phone firm Hutchison Essar for $11.1bn (£5.7bn).

The deal for 67% of the company gives Vodafone access to India’s rapidly growing mobile phone market, where Essar has a share of about 16%.

It ends a long bidding war for the Essar stake owned by Hong Kong’s Hutchison Telecommunications.

UK firm Vodafone is moving into emerging economies to make up for slow growth in mature markets like Europe.

According to Vodafone, India is the fastest growing mobile market in the world, with around 6.5 million new subscribers every month.

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