Global telecommunications provider Vodafone has sold 5.5 percent ($640m) of its Indian subsidiary Vodafone Essar to Indian pharmaceutical company Piramal Healthcare, reports LiveMint.
One of the reasons for the deal involves Vodafone's July acquisition of Essar’s 33 percent stake in the Vodafone Essar corporation for $5.46 billion. In accordance with Indian law for foreign investment, Vodafone is required to own less than 74 percent of the company, which the Piramal deal allows for.
The deal is part of Vodafone's increasing expansion into mHealth related areas, including a suite of health apps launched for healthcare professionals in the UK in July.
Read more from LiveMint's article here.
