Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, January 31, 2011

Vodafone wins ground in Indian brawl, VOD

Indian mobile phone operator Essar has abandoned plans to inject part of its 33 percent stake in the Vodafone Essar venture into a listed shell company after objections by its partner Vodafone (VOD.L), according to two people familiar with the situation.

Instead, the partners have agreed to appoint two investment banks to value the stake in the Indian mobile operator as a precursor to Essar deciding whether to sell it to Vodafone.

Source