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CCI Clears Atlas 2022 Holdings to Boost Vodafone Stake, Crossing 14.6% Mark

30 Nov 2023 , 02:10 PM

e&, formerly known as Etisalat Group, is a telecom operator based in Abu Dhabi, providing services across the Middle East, Asia, and Africa.

The Competition Commission of India (CCI) has approved Atlas 2022 Holdings' proposal to increase its shareholding in Vodafone Group Plc from 14.6% to below 25% through on-market and off-market transactions.

Atlas 2022 Holdings is a wholly-owned subsidiary of Emirates Telecommunications Group company PJSC (e&), incorporated in the Cayman Islands in February 2022 for acquiring and holding e&’s existing 14.6% stake in Vodafone.

The detailed order regarding this clearance by CCI will be released soon.

e&, formerly known as Etisalat Group, is a telecom operator based in Abu Dhabi, providing services across the Middle East, Asia, and Africa. Neither Atlas nor e& has a physical presence in India, and e& lacks Indian subsidiaries. Additionally, e& does not hold a license to operate as a mobile network operator in India, as stated by CCI.

Vodafone, a British telecom operator headquartered in Newbury, operates globally, offering mobile and fixed-line connectivity services predominantly in Europe, Africa, and Asia. In India, Vodafone is active through Vodafone Idea and its step-down subsidiaries.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Abu Dhabi
  • CCI
  • Company
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19 Feb 2024   |   09:29 AM
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