Vodaphone Moves Into Indian Market
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Vodafone Group Plc won an auction for control of Hutchison Essar Ltd., India’s fourth-largest mobile-phone company, for $11.1 billion to gain its first network in the world’s fastest-growing wireless market. Vodafone, based in England, will buy control of a 67% stake from Hong Kong billionaire Li Ka-shing’s Hutchison Telecommunications International Ltd., the chief executive officer, Arun Sarin, said Saturday on a conference call with reporters. Vodafone said it will offer to buy the remaining 33% from Mumbai-based Essar Group.
