Vodafone wins final approval for $1.6 billion deal to fully own Indian unit

New Delhi –  The government gave final clearance to Vodafone’s proposal to buy out minority shareholders in its India venture and acquire full control of the country’s second-biggest telecom company by subscribers.

Vodafone’s proposed Rs 10,141 crore purchase of stakes is the first instance of a foreign telecom company seeking full control of its local venture after the government raised the foreign investment limit in the sector to 100% from 74% in July last year.