India approves Vega SAS acquisition of 16.2% stake in Vodafone Group

The Competition Commission of India (CCI) has approved the acquisition of a 16.2 percent stake in Vodafone Group PLC by the French company Vega SAS. Vega SAS is a holding company and a wholly owned subsidiary of the French firm Maya SAS.

The transaction involves Vega SAS acquiring shares from the United Arab Emirates based company e& for approximately 4.4 billion pounds (5.1 billion euros). While Vodafone Group PLC operates in India through its joint venture Vodafone Idea Ltd, the CCI noted that the acquisition relates to the UK-based parent group rather than a direct stake in Indian operations.

Vega SAS is part of the Niel family holding group, which also holds interests in telecommunications companies such as Salt in Switzerland and Eir in Ireland. While the Indian regulator has cleared the deal, the United Kingdom government is still reviewing the acquisition.