Piramal Healthcare picks additional 5.5% stake in Vodafone India

Vodafone Group ("Vodafone") and Piramal Healthcare ("Piramal") today announced that Piramal has agreed to purchase approximately 5.5% of the issued equity share capital of Vodafone India Limited ("VIL") from ETHL Communications Holdings Limited ("Essar") for a cash consideration of approximately INR 30.07 billion (£385 million) taking Piramal'stotal shareholding in VIL to approximately 11%.

The transaction follows the settlement between Vodafone and Essar over the sale of Essar's approximately 33% stake in VIL, announced in July 2011, and the purchase by Piramal of approximately 5.5% of the issued share capital of VIL from Essar in August 2011. This completes the exit of the Essar group as a shareholder in VIL. The transaction contemplates various exit mechanisms for Piramal, including both participation in a potential initial public offering of VIL and a sale of its stake to Vodafone