Vodafone starts preparations for IPO of Indian unit

Britain’s Vodafone said on Tuesday it had started preparations to float its Indian unit as it reported a return to earnings growth for the group as a whole in the first half.

“We have recently begun preparations for a potential IPO of Vodafone India, subject to market conditions,” the mobile operator said.

Vodafone added 4.4 million customers in India in the first half of the year, taking its total in the country to 188.2 million.

Investors have been expecting Vodafone to float its Indian business but the plan has been delayed by a long-running tax dispute with the government and fierce competition in the market.

Source: Ahram Online