New Delhi: Under the Jawaharlal Nehru National Urban Renewal Mission (JnNURM), Ministry of Urban Development under the guidance of Shri Kamal Nath, Minister for Urban Development has sanctioned buses to following 13 cities/ cluster of cities in the Central Sanctioning & Monitoring Committee Meeting held on 31.12.2013 :
S.No. State City No. of buses sanctioned
1 Bihar Purnea 61
2. Darbhanga 53
3. Katihar 38
4. Bhagalpur 55
5. Andhra Pradesh Karimnagar 70
6. Maharashtra Vasai-Virar 346
7. Latur 60
8. Odisha Jeypore-Koraput 40
9. Cuttack- Choudwar 100
10. Balasore-Bhadrak 54
11. Punjab Patiala 50
12. Sikkim Gangtok 53
13. Tripura Agartala 100
Total 1080
These cities have also been sanctioned projects relating to ancillary infrastructure viz. Depot, Workshops, ITS etc. for Urban Transport. In addition, ancillary infrastructure project for Bathinda has also been approved. The total estimated project cost for these 13 cities/ cluster of cities is Rs. 464 crore (approx.).
The State Govt. has to procure these buses as per the urban bus specifications-II which have been prepared by the Ministry of Urban Development recently. 1st instalment of Government of India share will be released to the State after submission of information / documents within three months as per the conditions given in bus funding guidelines.
The objective behind sanctioning of these buses is to improve the city transport system, to give Metro experience to public in these modern ITS enabled buses and to attract the public to use Public Transport. The JNNURM buses will change the face of the Urban Transport of these 13 cities and will help in the overall growth of the State/ UT
Success in my Habit
Thursday, January 2, 2014
Anand Sharma expresses optimism for economy in 2014
New Delhi: The Union Minister of Commerce & Industry Shri Anand Sharma expressed optimism for the economy in 2014. In a statement, Shri Sharma said:
In 2013, India was rated as the most favoured investment destination globally. The bold decisions of the UPA Government for liberalizing Foreign Direct Investment Policy in key sectors such as civil aviation, retail and telecom have resonated with the global community and we have seen results in the last few months. The Government will continue its endeavour for liberalizing the FDI Policy further in the coming weeks to ensure that India retains its leadership position for attracting foreign investments.
I am also happy to see that manufacturing seems to be on the mend and there is visible rebound in industrial activity. The Indian economy has inherent strengths which give it resilience from external pressures and the series of steps taken by the Government both on the fiscal and current account front have yielded positive results.
The coming months will see a greater push for development of industrial corridors across the country and work will commence for establishment of the first few cities along the Delhi-Mumbai Industrial Corridor. I expect that with greater foreign investment and technology collaborations, Indian manufacturing will also move up the value chain and acquire greater competitiveness globally.
There is also optimism about the scenario on the export front. Inspite of weak demand in traditional markets, exports have done reasonably well and in the first eight months of the current financial year, exports touched US$ 204 billion, registering a growth of over 6% over the same period last year. It was also reassuring that the trade deficit also came down to US$ 99.9 billion during this period as compared to US$ 129 billion during the same period last year. I am sure that the in the remaining period of this financial year, exports will show a strong and dynamic growth.
In 2013, India was rated as the most favoured investment destination globally. The bold decisions of the UPA Government for liberalizing Foreign Direct Investment Policy in key sectors such as civil aviation, retail and telecom have resonated with the global community and we have seen results in the last few months. The Government will continue its endeavour for liberalizing the FDI Policy further in the coming weeks to ensure that India retains its leadership position for attracting foreign investments.
I am also happy to see that manufacturing seems to be on the mend and there is visible rebound in industrial activity. The Indian economy has inherent strengths which give it resilience from external pressures and the series of steps taken by the Government both on the fiscal and current account front have yielded positive results.
The coming months will see a greater push for development of industrial corridors across the country and work will commence for establishment of the first few cities along the Delhi-Mumbai Industrial Corridor. I expect that with greater foreign investment and technology collaborations, Indian manufacturing will also move up the value chain and acquire greater competitiveness globally.
There is also optimism about the scenario on the export front. Inspite of weak demand in traditional markets, exports have done reasonably well and in the first eight months of the current financial year, exports touched US$ 204 billion, registering a growth of over 6% over the same period last year. It was also reassuring that the trade deficit also came down to US$ 99.9 billion during this period as compared to US$ 129 billion during the same period last year. I am sure that the in the remaining period of this financial year, exports will show a strong and dynamic growth.
Rising demand for platinum jewellery
With restrictions on gold and more awareness of this substitute, import doubles to 40 tonnes in a year, aided by buyback assurances
Mumbai: Rakhi Agarwal, a mid-rank salaried woman in a western Mumbai suburb, was overjoyed this festive season when friend Rimmi told her about a new jewellery collection made of platinum. Saved through a regular cut in spending over 18 months, Rakhi bought a platinum ring weighing six grammes for the first time from a jewellery retailer.
She now advises all her friends to spend on platinum instead of gold, with the prospect of a price increase and a different look from the regular yellow metal wear. Rimmi, a software professional, spent a little over Rs 5 lakh on platinum jewellery collections for the first time, for her sister’s wedding. “It gives me the pleasure of owing a rare metal, with assurance of buyback similar to gold jewellery,” she said.
The changing perception towards platinum has encouraged younger aspirants to own a piece, as had been the case for gold until recently. There are two basic reasons for the change. Consumers have begun to feel platinum is available and affordable. Second, jewellers have widened the availability of ornaments.
In addition, platinum coins have become an investment option, without any restriction on sales unlike the case of gold coins, where the Reserve Bank of India has been monitoring continuously.
“Platinum is increasingly becoming a metal of choice for weddings and engagements. The white lustre brings out the sparkle of the diamonds. Every year, we introduce new designs. The male rings starts at Rs 65,000 onwards and the female rings at Rs 35,000,” said Vijay Jain, chief executive, ORRA, one of the largest jewellery retailers in this metal.
“Our consumer research and market reports suggest awareness for platinum is very high among younger consumers. They buy/gift platinum for special occasions; it is established as a precious gift of love. As the awareness and knowledge deepens, the market should see higher growth,” said Vaishali Banerjee, country head, Platinum Guild International.
Among the rising demand in platinum jewellery, love bands (couple rings), women’s chain/pendants and men’s chain or bracelet are the most popular. Banerjee says platinum jewellery demand rose a little over 30 per cent in 2013.
It is also used in photography. The implication of rising platinum demand is evident on imports. According to Mehul Choksi, chairman of Gitanjali Gems, a jewellery retailer with global presence, import of platinum was around 40 tonnes this year as compared to around 18 tonnes last year. He says the restrictions on gold will further raise platinum demand.
Mumbai: Rakhi Agarwal, a mid-rank salaried woman in a western Mumbai suburb, was overjoyed this festive season when friend Rimmi told her about a new jewellery collection made of platinum. Saved through a regular cut in spending over 18 months, Rakhi bought a platinum ring weighing six grammes for the first time from a jewellery retailer.
She now advises all her friends to spend on platinum instead of gold, with the prospect of a price increase and a different look from the regular yellow metal wear. Rimmi, a software professional, spent a little over Rs 5 lakh on platinum jewellery collections for the first time, for her sister’s wedding. “It gives me the pleasure of owing a rare metal, with assurance of buyback similar to gold jewellery,” she said.
The changing perception towards platinum has encouraged younger aspirants to own a piece, as had been the case for gold until recently. There are two basic reasons for the change. Consumers have begun to feel platinum is available and affordable. Second, jewellers have widened the availability of ornaments.
In addition, platinum coins have become an investment option, without any restriction on sales unlike the case of gold coins, where the Reserve Bank of India has been monitoring continuously.
“Platinum is increasingly becoming a metal of choice for weddings and engagements. The white lustre brings out the sparkle of the diamonds. Every year, we introduce new designs. The male rings starts at Rs 65,000 onwards and the female rings at Rs 35,000,” said Vijay Jain, chief executive, ORRA, one of the largest jewellery retailers in this metal.
“Our consumer research and market reports suggest awareness for platinum is very high among younger consumers. They buy/gift platinum for special occasions; it is established as a precious gift of love. As the awareness and knowledge deepens, the market should see higher growth,” said Vaishali Banerjee, country head, Platinum Guild International.
Among the rising demand in platinum jewellery, love bands (couple rings), women’s chain/pendants and men’s chain or bracelet are the most popular. Banerjee says platinum jewellery demand rose a little over 30 per cent in 2013.
It is also used in photography. The implication of rising platinum demand is evident on imports. According to Mehul Choksi, chairman of Gitanjali Gems, a jewellery retailer with global presence, import of platinum was around 40 tonnes this year as compared to around 18 tonnes last year. He says the restrictions on gold will further raise platinum demand.
BHEL modernises 200-MW thermal power unit in UP
This unit has already completed 25 years of operation and now the working life of the machine has been extended by another 15-20 years. At the same time, it can generate 216-MW electricity and also has been synchronised with the grid.
All these happened even in the absence of original design documentations. It may be noted that this is the first time when the company has modernised and uprated any 200-MW class machine in India.
Currently over 150 sets of 200/210 MW rating are in operation in the country. Out of this, about 70 sets have outlived their designed economic life of 25 years.
Capacity uprating
Power utilities need to see this as an opportunity for capacity uprating and life extension to not only improve their performance level in terms of improving efficiency and reducing emissions but also extending their useful life span by another two decades.
BHEL has already executed renovation and modernisation of 10 units with a capacity up to 120 MW. Now it is working on five sets of 110 MW units and four sets of 200 MW units for improving the efficiency.
With problem in setting up new plants due to various reasons, optimum utilisation of the existing capacity to maximise the generation through renovation and modernisation and life extension of existing power plants is considered to be the most cost-effective option.
Kolkata fast emerging as new retail hotspot: Study
Kolkata: Kolkata is fast emerging as the new hotspot for retail, indicates a Cushman & Wakefield survey, which pegs mall space occupancy in the city in the third quarter at 95%. The eastern city, which till some years ago had only one mall, the Forum Mall in central Kolkata, now has a string of them — the Mani Square Mall, Avani Mall and the newly inaugurated Quest Mall, to name a few.
In its 'Retail Q3 Report', the real estate consultancy says that mall space in the city could go up by another 440,000 square feet in the coming months.
"With new malls in the city, the contribution of grade A spaces to the overall net absorption till Q3 has increased to 93% as compared to 86% last year during the same period," said Sanjay Dutt, executive managing director, South Asia, Cushman & Wakefield.
While grade A spaces dominated market ac tivity in the city, overall vacancy level in malls stood at 4.4%, down 0.2 percentage point from the previous quarter.
For the first three quarters of 2013, supply of space under all grades was 1.26 million square ft, up 22% from a year ago.
About 420,000 sq ft of retail and F&B space was added to the mall inventory with the inauguration of the first phase of Quest Mall at Syed Amir Ali Avenue in September. being developed by CESC Properties.
The Quest Mall offers about 420,000 sq ft of retail and F&B space and about 328,000 sq ft of parking space. While the ground floor houses luxury brands, the floors above are occupied by premium and bridge brands.
Acropolis, a Rs 350-crore PPP between KMDA and Merlin Projects off the Rashbehari-EM Bypass connector is expected to be ready in another six months. The integrated project will offer 8 lakh sq ft of mixed-use development area. Spread across 6.5 acres of land, the retail space in the mall is expected to be about 3 lakh sq ft.
The total number of outlets at Acropolis would be around 90. Though the mall shall concentrate on bridge brands, in the entertainment and retail space it also boasts of quite a few firsts.
For movie aficionados there will be Cinepolis, the world's fourth largest and India's first international cinema exhibitor.
"We are excited to enter Kolkata. We perceive the market to have a deficit in terms of supply of multiplex screens and we hope to take an advantage of this," said Ashish Shukla, country head, Cinepolis India.
The phenomenal growth in the city's retail space is also drawing national and international brands. Among the labels gearing up to enter the Kolkata market are Burberry, Furla, Canali, Emporio Armani, Michael Kors, Gucci, Armani Jeans, Tumi and Paul Smith.
In its 'Retail Q3 Report', the real estate consultancy says that mall space in the city could go up by another 440,000 square feet in the coming months.
"With new malls in the city, the contribution of grade A spaces to the overall net absorption till Q3 has increased to 93% as compared to 86% last year during the same period," said Sanjay Dutt, executive managing director, South Asia, Cushman & Wakefield.
While grade A spaces dominated market ac tivity in the city, overall vacancy level in malls stood at 4.4%, down 0.2 percentage point from the previous quarter.
For the first three quarters of 2013, supply of space under all grades was 1.26 million square ft, up 22% from a year ago.
About 420,000 sq ft of retail and F&B space was added to the mall inventory with the inauguration of the first phase of Quest Mall at Syed Amir Ali Avenue in September. being developed by CESC Properties.
The Quest Mall offers about 420,000 sq ft of retail and F&B space and about 328,000 sq ft of parking space. While the ground floor houses luxury brands, the floors above are occupied by premium and bridge brands.
Acropolis, a Rs 350-crore PPP between KMDA and Merlin Projects off the Rashbehari-EM Bypass connector is expected to be ready in another six months. The integrated project will offer 8 lakh sq ft of mixed-use development area. Spread across 6.5 acres of land, the retail space in the mall is expected to be about 3 lakh sq ft.
The total number of outlets at Acropolis would be around 90. Though the mall shall concentrate on bridge brands, in the entertainment and retail space it also boasts of quite a few firsts.
For movie aficionados there will be Cinepolis, the world's fourth largest and India's first international cinema exhibitor.
"We are excited to enter Kolkata. We perceive the market to have a deficit in terms of supply of multiplex screens and we hope to take an advantage of this," said Ashish Shukla, country head, Cinepolis India.
The phenomenal growth in the city's retail space is also drawing national and international brands. Among the labels gearing up to enter the Kolkata market are Burberry, Furla, Canali, Emporio Armani, Michael Kors, Gucci, Armani Jeans, Tumi and Paul Smith.
OVL buys 12% more stake in Brazilian block for $561 mn
OVL and Shell (operator of the block) exercised their pre-emption rights to buy additional stake from Petrobras.
“OVL has paid a purchase consideration of $561 million for 12 per cent stake in the block,” the public sector explorer said in a statement. Now, Shell, the operator of the block, holds 73 per cent stake.
In 2006, OVL had acquired 15 per cent participating interest in the block located in Campos Basin of Brazil.
Earlier, Petrobras had 35 per cent stake in the block. In August 2013, Petrobras had entered into an agreement with Sinochem for the sale of its 35 per cent stake in the block.
Pre-exemption rights
This agreement was subject to pre-emption rights of the partners. Shell and OVL exercised their pre-emption rights for the acquisition of 23 per cent and 12 per cent participating interests, respectively.
On approval of the Brazilian regulatory authorities for acquisition, the transaction has been completed on December 30, OVL said.
The block BC-10 includes four offshore deepwater fields — Ostra, Abalone, Argonauta and Nautilus and a few identified exploration prospects.
Oil production
The project is being developed in three phases. Production from the first phase had started in 2009. The second phase came on stream in October 2013 with an expected peak production of about 35,000 barrels of oil equivalent per day (boepd) in 2014.
Currently, oil production from the block is about 50,000 boepd. The third phase is to come on stream in 2016 with an expected peak production of about 28000 boepd in 2017. Production from all the phases is expected to be about 75,000 boepd in 2017.
Maldives President to meet biz leaders of India Inc
His visit comes in the backdrop of the island nation wanting to increase sourcing of products from India.
Official sources said “some proposals in the pipeline” were whether Maldives can utilise India as a source for some important and essential requirements which could be unveiled during the President’s visit.
Apart from meeting President Pranab Mukherjee and Prime Minister Manmohan Singh, Gayoom will interact with business representatives.
A senior Government official said despite the setback that the GMR Group had suffered in Maldives, there was a fair amount of interest in business circles on the possibilities in the island nation.
The GMR Group and the Maldives Government are currently involved in arbitration in Singapore after the Indian company was asked to give up the contract that it won for managing the airport in Maldives.
The Maldives Government terminated the airport project claiming irregularities in the award of the contract, a point denied by the GMR Group, which points out that transparency in the bidding process was accepted by the World Bank affiliate, International Finance Corporation.
Officials pointed out some recent success stories for Indian companies investing in Maldives, such as a Mumbai-based company, which recently won a contract for converting waste disposal into energy.
Tuesday, December 31, 2013
Aircel chooses ZTE to deploy 4G network
Mumbai: Telecommunications equipment provider ZTE India has won a contract to deploy 4G LTE network for Aircel, a move that would help in boosting the mobile operator’s enterprise and retail businesses. The financial details of the contract were not revealed.
“We believe that data are the growth engine of the future and a cutting edge technology such as 4G LTE has the ability to empower consumers like never before,” said Aircel Chief Marketing Officer Anupam Vasudev.
Rising demand
“The huge demand for Internet-enabled devices such as smartphones and tablets among the largely young population, along with increase in consumption of data on Internet and rising demand for content are some of the factors fuelling the exponential growth in data,” Vasudev added.
The deployment of 4G LTE (fourth generation mobile services) will be initiated in Chennai, Rest of Tamil Nadu (RoTN) and a few other business critical circles. The details of other circles were also not divulged.
ZTE India will design, supply and deploy LTE ecosystem for Aircel.
“In the initial phase of our rollout, we aim to offer our customers some of the highest data speeds in the country – in excess of 65 MBPS,” said Xu Dejun, CEO, ZTE India.
Key vendor
ZTE India has also completed migrating Aircel’s data services to ZTE’s 4G LTE evolved packet core for Chennai and RoTN circles. The Chinese telecom equipment major had been working with Aircel since 2008, supporting rollout of 2G and 3G services in three circles of the north zone.
It has also been the key vendor for Aircel in Next Generation Networks across India, and had provided Aircel with high capacity and capability solutions for 2G, 3G and 4G LTE services
“We believe that data are the growth engine of the future and a cutting edge technology such as 4G LTE has the ability to empower consumers like never before,” said Aircel Chief Marketing Officer Anupam Vasudev.
Rising demand
“The huge demand for Internet-enabled devices such as smartphones and tablets among the largely young population, along with increase in consumption of data on Internet and rising demand for content are some of the factors fuelling the exponential growth in data,” Vasudev added.
The deployment of 4G LTE (fourth generation mobile services) will be initiated in Chennai, Rest of Tamil Nadu (RoTN) and a few other business critical circles. The details of other circles were also not divulged.
ZTE India will design, supply and deploy LTE ecosystem for Aircel.
“In the initial phase of our rollout, we aim to offer our customers some of the highest data speeds in the country – in excess of 65 MBPS,” said Xu Dejun, CEO, ZTE India.
Key vendor
ZTE India has also completed migrating Aircel’s data services to ZTE’s 4G LTE evolved packet core for Chennai and RoTN circles. The Chinese telecom equipment major had been working with Aircel since 2008, supporting rollout of 2G and 3G services in three circles of the north zone.
It has also been the key vendor for Aircel in Next Generation Networks across India, and had provided Aircel with high capacity and capability solutions for 2G, 3G and 4G LTE services
Solar plant commissioned in West Godavari district
Hyderabad: A roof top, solar photovoltaic power plant has been commissioned at the Sri Vishnu Educational Society, Bhimavaram Campus in West Godavari district.
The Vice-Chairman and Managing Director of the New and Renewable Energy Development Corporation of Andhra Pradesh, M. Kamalakar Babu commissioned the plant on Saturday, which has an installed capacity to generate around 3 lakh units per year.
The 200 kWp grid-tied unit has the capacity to produce 820 units per day average. However, in summer, the peak capacity of 1000 units can be generated while during rainy season, the minimum units produced would be around 600 per day. K.V. Vishnu Raju, Chairman of the Educational Society, said the installed project will meet about 10 per cent of the campus power requirement in base case i.e. 10 per cent of energy shall be off settled in the power imported from the grid and diesel generator.
The total project cost is Rs 2.6 crore. Of this, 30 per cent was obtained as grant from the Ministry of New & Renewable Energy as capital subsidy.
The remaining has been funded by the Vishnu Educational Society, he said in a press release.
The break even for the project is four-five years.
The power plant has been designed, supplied, installed and commissioned by Varshini Power Projects, Hyderabad. It is the biggest solar power plant in the district as well as the biggest roof top project under APEPDCL, the release said. Recently, the educational society also installed a solar PV plant on the rooftop of its engineering college in Narsapur, Medak district near Hyderabad.
The Vice-Chairman and Managing Director of the New and Renewable Energy Development Corporation of Andhra Pradesh, M. Kamalakar Babu commissioned the plant on Saturday, which has an installed capacity to generate around 3 lakh units per year.
The 200 kWp grid-tied unit has the capacity to produce 820 units per day average. However, in summer, the peak capacity of 1000 units can be generated while during rainy season, the minimum units produced would be around 600 per day. K.V. Vishnu Raju, Chairman of the Educational Society, said the installed project will meet about 10 per cent of the campus power requirement in base case i.e. 10 per cent of energy shall be off settled in the power imported from the grid and diesel generator.
The total project cost is Rs 2.6 crore. Of this, 30 per cent was obtained as grant from the Ministry of New & Renewable Energy as capital subsidy.
The remaining has been funded by the Vishnu Educational Society, he said in a press release.
The break even for the project is four-five years.
The power plant has been designed, supplied, installed and commissioned by Varshini Power Projects, Hyderabad. It is the biggest solar power plant in the district as well as the biggest roof top project under APEPDCL, the release said. Recently, the educational society also installed a solar PV plant on the rooftop of its engineering college in Narsapur, Medak district near Hyderabad.
FIPB gives go-ahead to Tesco, Vodafone investment proposals
New Delhi: The Foreign Investment Promotion Board (FIPB) on Monday approved two major investment proposals: the UK-based Tesco’s plan to enter the Indian multi-brand retail segment with an initial outlay of $110 million (Rs 680 crore) and Vodafone Plc’s bid to raise its stake to 100 per cent in the Indian venture paying over Rs 10,000 crore.
British retailer Tesco’s proposal to set up a joint venture with Tata group company Trent Hypermarket is probably the fastest ever to be processed and cleared by the FIPB. The proposal was filed with the Department of Industrial Policy and Promotions on December 17, after which it was processed and sent for inter-ministerial consultations. It came before the FIPB last week and brought up for consideration by a committee chaired by Economic Affairs Secretary Arvind Mayaram.
Tesco will invest $55 million (around Rs 340 crore) in three years to develop back-end infrastructure. Tesco and Trent will have 50 per cent equity each in the joint venture. The Government opened multi-brand retail to foreign investment in September 2012, but with an equity cap of 51 per cent.
Since the Centre’s FDI policy on retail is an enabling one, the proposed venture will have to take approval from State governments and local authorities before opening stores. Foreign retailers can set up shop in 12 States and Union Territories. The joint venture is expected to open its shop first in Maharashtra and Karnataka, and operate under Star Bazaar, Star Daily, Star Market or Star Extra brand names.
At its meeting on Monday, the FIPB cleared the way for the Cabinet Committee on Economic Affairs (CCEA) to consider a proposal allowing Vodafone to raise its stake to 100 per cent with an investment of over Rs 10,000 crore. Any foreign investment proposal of or over Rs 1,200 crore needs CCEA approval after FIPB clearance.
Vodafone now holds 64.38 per cent equity stake in the Indian venture, while the remaining is with Piramal Enterprises and Analjit Singh. Piramal will get Rs 1,241 crore for selling 10.97 per cent share, while Analjit Singh will pocket Rs 8,900 crore for parting with 24.65 per cent holding. The shares will be bought by CGP India Investment associated with Vodafone Plc.
British retailer Tesco’s proposal to set up a joint venture with Tata group company Trent Hypermarket is probably the fastest ever to be processed and cleared by the FIPB. The proposal was filed with the Department of Industrial Policy and Promotions on December 17, after which it was processed and sent for inter-ministerial consultations. It came before the FIPB last week and brought up for consideration by a committee chaired by Economic Affairs Secretary Arvind Mayaram.
Tesco will invest $55 million (around Rs 340 crore) in three years to develop back-end infrastructure. Tesco and Trent will have 50 per cent equity each in the joint venture. The Government opened multi-brand retail to foreign investment in September 2012, but with an equity cap of 51 per cent.
Since the Centre’s FDI policy on retail is an enabling one, the proposed venture will have to take approval from State governments and local authorities before opening stores. Foreign retailers can set up shop in 12 States and Union Territories. The joint venture is expected to open its shop first in Maharashtra and Karnataka, and operate under Star Bazaar, Star Daily, Star Market or Star Extra brand names.
At its meeting on Monday, the FIPB cleared the way for the Cabinet Committee on Economic Affairs (CCEA) to consider a proposal allowing Vodafone to raise its stake to 100 per cent with an investment of over Rs 10,000 crore. Any foreign investment proposal of or over Rs 1,200 crore needs CCEA approval after FIPB clearance.
Vodafone now holds 64.38 per cent equity stake in the Indian venture, while the remaining is with Piramal Enterprises and Analjit Singh. Piramal will get Rs 1,241 crore for selling 10.97 per cent share, while Analjit Singh will pocket Rs 8,900 crore for parting with 24.65 per cent holding. The shares will be bought by CGP India Investment associated with Vodafone Plc.
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