Vodafone expects FIPB approval in coming weeks

NEW DELHI: Arun Sarin, CEO of UK's Vodafone, which today inked a partnership deal with Indian conglomerate Essar Group, said he expects regulatory foreign investment approval for its India plans in the coming weeks.

"The deal (Vodafone's acquisition of controlling stake in Hutch-Essar) is subject to approval from government agencies such as Foreign Investment Promotion Board (FIPB) and we expect it in the coming weeks," he said at a press conference here.

Sarin arrived here this morning to announce the partnership agreement between Vodafone and Essar for jointly running India's fourth largest mobile firm Hutch-Essar, which would be renamed Vodafone Essar.

The India-born CEO of the UK firm also announced a three-pronged strategy for its India plans -- to accelerate capital expenditure on network infrastructure, to improve suite of products and services and provide innovative services such as money transfer via mobile.

Referring to Vodafone's partnership deal with Essar, Sarin said this was "best of global and local partnerships."