Vodafone is believed to have sought the permission of Foreign Investment Permission Board (FIPB) to raise its stake in Vodafone India from 74 per cent to 100 per cent, according to PTI.

This would be an estimated USD 2.7 billion (Rs 16,600 crore). There is however no word from the company on the development.

In a significant move the government in July gave its nod to 100 per cent foreign direct investment (FDI) in the telecom sector.

There has been a demand for this by telecom industry which is under tremendous financial burden. GSM industry body COAI has put the debt of telecom sector at Rs 1,85,720 crore at end of 2011-12.

A Financial Times report said that Vodafone is mulling investing $2 billion to buy out minority shareholders in Vodafone India.

It said that the Britain’s telecom giant is planning to buy out some minority investors including billionaire industrialist Ajay Piramal, who holds 11 percent stake in Vodafone India.

Vodafone holds about 64 percent of Vodafone India, while 25 percent is controlled by undisclosed minority shareholders.