Vodafone in talks with private equity funds

MUMBAI, INDIA: British mobile operator Vodafone is in talks with at least two private equity funds to sell a stake in its Indian operations, the Economic Times newspaper reported on Wednesday, quoting an unnamed person involved in the discussion.

Earlier this month, Vodafone sealed a long-awaited deal to buy out its partner Essar from their Indian mobile joint venture for $5.46 billion, giving it 74 per cent shareholding in the venture.

The company may offload 1 per cent to existing Indian investors and then sell a larger stake to an overseas financial investor, an unnamed group official told the paper.

Vodafone officials could not immediately be reached for comment.