Vodafone pays $5 billion to buy out India partner Essar

Vodafone Group has announced That it had paid $5 billion to buy out its Indian partner Essar in their mobile phone joint venture.

According to the vodafone,The deal will result “in a total cash payment of $5 billion” to the Essar Group and “final settlement is anticipated to be no later than November 2011,”



It added that the Essar Group has exercised its option to sell its stake in Vodafone Essar, as India’s third-largest mobile phone company is known in India.

Vodafone had a pact with the Essar Group that gave the Indian firm an option to sell its stake to the British-based company for $5 billion.

The deal will give Vodafone 75 percent control of Vodafone Essar.

Vodafone bought a 67 percent stake in Hutchison Essar for $11 billion in 2007.

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