NEW DELHI:
Shareholders of the Hong Kong-based Hutchison Telecom International Ltd. (HTIL) on Friday approved the $11.1 billion sale of its Indian business to Vodafone of U.K., paving the way for completion of the deal after approval from the Foreign Investment Promotion Board.
The transaction was approved by an overwhelming majority of the shareholders, who voted at the Extraordinary General Meeting, HTIL said in a statement, adding that the completion of the potential sale was expected to take place after April 2.
While HTIL did not disclose the exact number of votes tendered in support of the deal, a shareholder present at the EGM said 99.4 per cent of those present supported the deal. — PTI
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