Nicholas Piramal

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Vodafone parks 5.5% India stake with Piramal Healthcare

Vodafone Plc announced that Piramal Healthcare, Ajay Piramal’s group flagship, will pay $640 million or about Rs 2,900 crore to acquire a 5.5% stake in Vodafone Essar. This will help raise cash for Vodafone as well as allow it to remain compliant with India’s foreign direct investment rules for the telecom sector, which mandate a 74% foreign shareholding cap.

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