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#1
28th October 2005, 01:43 PM
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Vodafone buys 10% stake in Bharti Televentures Ltd
Vodafone buys 10% stake in Bharti Televentures Ltd
Vodafone, world's leading mobile firm, on Friday acquired a 10 per cent stake in Sunil Mittal-promoted Bharti Televentures Ltd for Rs 6,700 crore ($1.5 billion). This is the single largest foreign investment in India so far. For its 10 per cent stake, Vodafone picked up 5.65 per cent stake from Warburg Pincus and 4.4 per cent through Bharti Enterprises. With this transaction, Warburg Pincus has now completely exited from BTVL. Commenting on the development, Sunil Mittal, chairman and group managing director of Bharti, said, "We are delighted that Vodafone has made a call on the Indian telecom sector and has chosen BTVL to be the vehicle to develop its continuing interest in the Asian region." 
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