Vodafone Plc., world’s leading mobile telecommunications company, has entered into an agreement with Bharti Tele-Ventures Limited (BTVL) to invest approximately $1.5 billion, in order to acquire a 10% economic stake in the Indian telecom major. This includes acquisition of shares held by Warbug Pincus, which marks the complete exit of the private equity investor from BTVL. The investment is significant in Indian telecom, as it is the biggest ever single foreign investment in Indian telecom till now. BTVL is a major telecom player in India, with 15.13 million subscribers at the end of September, 2005, out of which almost 14.07 million were mobile subscribers. (Read B&E Special Feature on the Indian Telecom Wars)
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Source: IIPM Editorial, 2006
