Vodafone is reportedly in talks with private equity funds about selling a stake in its Indian mobile operations, Reuters reported, citing the Economic Times. The company is reportedly talking with at least two buyout firms. Earlier this month, Vodafone bought out its partner, Essar, from the Indian venture, Reuters said.
(Reuters) – British mobile operator Vodafone is in talks with at least two private equity funds to sell a stake in its Indian operations, the Economic Times newspaper reported on Wednesday, quoting an unnamed person involved in the discussion.
Earlier this month, Vodafone sealed a long-awaited deal to buy out its partner Essar from their Indian mobile joint venture for $5.46 billion, giving it 74 percent shareholding in the venture.
The company may offload 1 percent to existing Indian investors and then sell a larger stake to an overseas financial investor, an unnamed group official told the paper.
Voadafone officials could not immediately be reached for comment. (Reporting by Prashant Mehra; Editing by Ranjit Gangadharan)