British telecom major Vodafone today announced the complete acquisition of stakes held by Piramal Enterprises, Analjit Singh and Neelu Analjit Singh. It spent as much as Rs 10,142 crore on these transactions.
The group's chief executive said that India is one of their fastest growing businesses.
"Vodafone is strongly committed to India and we have invested significantly over many years to bring communications to millions of people for the first time. Our business will continue to connect communities and offer the best products and services - from entertainment to our innovative money transfer service, M-Pesa," he said, in a press release.
The second largest telecom operator grew its subscriber base by a massive 550% since Vodafone bought 67% stake i n the company in 2007 from Singapore-based Hutchinson. It had 30 million subscribers which grew to 164 million. The operator also employs 100,000 people both directly and indirectly.
Vodafone India also expanded its retail network and now has over 7,800 stores.
It also has a distribution chain of 1.6 million small units and recharging outlets. The operator also has 95,000 base stations, covering 83% across the country.
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