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Wednesday, May 9, 2007
NEW DELHI: UK-based mobile giant Vodafone today announced that it has completed the acquisition of Hutchison-Essar's stakes for $10.9 billion as against $11.8 billion announced earlier.
The reduced payment of $0.9 billion includes the provisions for the earlier settlement agreement with the Essar Group, a retention of $3.52 billion by Vodafone in consideration of their waiving off certain potential claims against the company, the receipt of interest from Vodafone and transaction cost and expenses.
Hutch-Essar would be known as Vodafone-Essar over a period of time. Arun Sarin, CEO, Vodafone earlier had said that the firm is looking forward to boost its profits from the emerging markets across the globe and to be the leading mobile market in India.
© CyberMedia News
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