Analjit Singh, chairman, Vodafone India is hopeful that British telecom major will soon get FIPB nod to raise its stake in India unit to 100 per cent.
 
Vodafone holds about 64 percent of Vodafone India, while 25 percent is controlled by undisclosed minority shareholders. Analjit Singh holds 6.24 per cent stake in Vodafone India while billionaire industrialist Ajay Piramal holds 11 percent stake.
 
The decision on Vodafone application was deferred last week by Foreign Investment Promotion Board.
 
Analjit Singh told reporters that Vodafone application to buy out stake of Ajay Piramal and his group is with the FIPB and he is hopeful that it gets board’s nod in the next two months
 
Vodafone had sought the permission of Foreign Investment Permission Board (FIPB) to raise its stake in Vodafone India from 74 per cent to 100 per cent.
 
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.