Vodafone sells 4.2% stake in Bharti for $299m

NEW DELHI (TIP): British telecom giant Vodafone has sold its 4.2% holding in Bharti Airtel for $200 million to comply with rules that bar cross-holding between rivals.

The company said the move follows the new unified licence regime in India unveiled by the department of telecom, which prohibits holding by a group in more than one licensee company in the same service area. Vodafone had picked up a 10% stake in Bharti Airtel in 2005, which was diluted partially after it entered the Indian market directly in 2007 by acquiring Hutch-Essar.

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