Finally, Vodafone-Essar deal closed
While Arun Sarin would take control of the JV as the vice-chairman, Ravi Ruia will be the chairman.
By INDIATIMES NEWS NETWORK |
NEW DELHI: After months of wrangling, Vodafone and Essar Goup's top brass have clinched a deal to run the joint venture operations in India. While Vodafone CEO Arun Sarin would take control of the JV as the vice-chairman, Ravi Ruia will be the chairman, said sources.
Here are the highlights of the deal:
Here are the highlights of the deal:
1. Essar has the option to sell part-equity worth $1.5-bn
2. Essar also has the option to sell 33% stake at $5 bn to Vodafone
3. Essar will enjoy liquidity rights during 3-4 year of JV operation
4. Vodafone to have operation control over the JV
5. Communication minister Maran blesses the deal
6. FIPB to process the deal expeditiously
7. Vodafone purchase in accordance with FDI guidelines, says Nath
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