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

30 Nov 2023 , 01:41 PM

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.

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