Vodafone buys Hutch Essar in India for $11.1B

Vodafone buys Hutch Essar in India for $11.1B

Vodafone finally re-entered India’s telecom market.

It has bought a controlling stake in India’s Hutchinson Essar for $11.1B giving 67% control.

Arun Sarin, the chief executive of Vodafone, said the announcement was “clear evidence of how we are executing our strategy of developing our presence in emerging markets”.

Vodafone’s chairman, Sir John Bond, said India was “destined to become one of the largest and most important mobile markets in the world,” and predicted the company would be “playing [its] part in delivering the significant economic and social benefits which mobile telephony can bring to the people of India”.

It is one of the biggest deals in Indian market ans is a sign of things to come.