Vodafone's acquisition in conformity with law: Nath
Commerce Minister Kamal Nath on Thursday said Vodafone's acquisition of controlling stake in Hutch-Essar appears to be in conformity with the law and FIPB would take up the case in a few days.
By PTI |
NEW DELHI: Commerce Minister Kamal Nath on Thursday said Vodafone's acquisition of controlling stake in Hutch-Essar appears to be in conformity with the law and FIPB would take up the case in a few days.
"As it appears Vodafone's acquisition is in conformity with the law and FIPB will consider the case when it comes to it," Kamal Nath said after he met Vodafone CEO Arun Sarin and Essar Vice Chairman Ravi Ruia.
He said Vodafone's investments in India will bring synergies and technical expertise to the country.
The minister said, "the issue (FIPB looking into Vodafone case) also came up during our discussion. FIPB, as per rules will process it in the next few days. As it appears, I do not know the details, but it is in conformity and it is for FIPB to look into details and process it, which I hope they will do expeditiously."
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