Finance Minister P Chidambaram has given his assent to the Vodafone application to buy a 52% stake from Hutchison Whampoa in Hutchison-Essar. Last week, Foreign Investment Promotion Board (FIPB) cleared the proposal. With the latest move, Hutch-Essar will be renamed Vodafone Essar.
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Ending months of controversy, the Foreign Investment Promotion Board (FIPB) cleared Vodafone’s proposal to acquire 52 per cent in Hutchison-Essar from Hong-Kong-based Hutchison Telecom International Ltd (HTIL). The proposal has now been sent for the finance minister’s approval, Industry Secretary Ajay Dua told reporters after a short meeting of the FIPB, the nodal agency for
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