Vodafone to off-load 5.5% stake to Piramal Healthcare!

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 Essar Limited ("VEL") from ETHL Communications Holdings Limited ("Essar") for cash consideration of approximately US$640 million (£400 million).

The transaction follows the settlement between Vodafone and Essar over the sale of Essar's approximately 33% stake in VEL, announced on 1 July 2011.

The transaction contemplates various exit mechanisms for Piramal, including both participation in a potential initial public offering of VEL and a sale of its stake to Vodafone.