Essar To Sell Its Stake In Vodafone Essar Ltd To Vodafone

Essar To Sell Its Stake In Vodafone Essar Ltd To VodafoneEssar Communications Mauritius Limited today announced that its wholly owned subsidiaries, Essar Communications Limited (“ECL”) and Essar Com Limited (“ECom”), have sold the 22% shareholding in Vodafone Essar Limited (“VEL”) to the Vodafone Group.

Under the agreements signed in Port Louis, Mauritius, Vodafone has made a net payment of US $3.32 billion, after deduction of withholding tax of US$0.88 billion.

While Vodafone and ECML continue to believe that no tax is due on this transfer, it was viewed as prudent to deduct and pay withholding tax on a without prejudice basis and have ECL and ECom claim a refund of such withholding tax after following due process.

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7 Comments on "Essar To Sell Its Stake In Vodafone Essar Ltd To Vodafone"

 

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MEGHRAJ
July 10, 2011 4:25 pm 4:25 PM

WHEN WILL VODAFONE SELL ITS STAKE IN INDIA AND QUIT INDIA FOR GOOD! FED UP WITH THIS ANTI-INDIAN AND ANTI-CONSUMER CHOR COMPANY!

suraj
July 2, 2011 8:55 pm 8:55 PM

now time to use the mnp

jago indian jago

Bala Vijaya Kumar
July 2, 2011 8:51 pm 8:51 PM

First stop Indian greedy politicians taking bribes, and looting Indian money itself. Not the people who have started the business who provide jobs for millians!

I know you can not stop it,at least think of it!!!

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