Hutch-Vodafone deal gets clearance

Posted on | May 6, 2007 |

Vodafone cleared its last hurdle in acquiring a controlling stake in Hutch Essar with finance minister P Chidambaram giving his go-ahead on Friday. His approval comes within a week of the Foreign Investment Promotion Board giving its nod for the acquisition.

The approval comes as a welcome reprieve to Analjit Singh and Asim Ghosh, whose 12.26% shareholding in Hutch Essar has been under scrutiny since the deal was announced in February. RBI and some government officials were reported to have initially opined that stakes held by Mr Singh, Mr Ghosh amounted to violation of FDI/Fema norms and were

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