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Essar Receives $ 1.9B From Vodafone Group

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vodafonelogoUK based Vodafone Group Plc has paid Essar Group $1.9 billion, DNA India reports.

In March, Vodafone announced it would pay $5 billion to buy out Essar Group's stake in Vodafone Essar. The settlement was to be finalised by November 2011. The $1.9 billion is the first tranche of this settlement. In April, Essar Group demanded $600-700 million more from Vodafone Group, however there is no further information from either company on an increase in the total amount.

Vodafone India witnessed a 23.95 per cent rise in revenues to $6.16 billion for the fiscal year ended 31st March 2011. Vodafone Group also faces a $1 billion tax from Indian tax authorities regarding its acquisition of Essar Group's offshoring holding.

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The GSM operator has 136.97 million subscribers in India as of April 2011, according to industry body Cellular Operators Association of India (COAI). Yesterday, it issued a legal notice to a customer for repeatedly posting defamatory remarks about the company on Facebook.


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