The Competition Commission of India (CCI) has granted approval for the proposed acquisition by Atlas 2022 Holdings Limited, allowing it to increase its stake in Vodafone from the current 14.6% to below 25%. The sanctioned acquisition revolves around Atlas's strategic move to enhance its voting rights and shareholding in Vodafone.
This progression is anticipated to transpire through a sequence of both on-market and off-market transactions, as outlined in a statement from CCI.
Atlas, a wholly-owned subsidiary of Emirates Telecommunications Group Company PJSC (e&), was established on February 24, 2022, in the Cayman Islands, with a specific mandate to facilitate the acquisition and retention of e&’s existing interest in Vodafone.
e& operates as a telecommunications powerhouse headquartered in Abu Dhabi, United Arab Emirates, providing services across the Middle East, Asia, and Africa. It's important to note that neither Atlas nor e& maintains a physical presence in India. Furthermore, e& does not possess the requisite license to operate as a mobile network operator in the country, as confirmed by CCI.
Vodafone Group Plc., headquartered in Newbury, England, conducts its operations in India through its subsidiary, Vodafone Idea Limited (VI India), and its step-down subsidiaries.
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