Analjit Singh says his indirect stake in Vodafone valued as per agreement

Analjit Singh also clarified that he did not own any direct equity stake in Vodafone India

Analjit Singh has said that valuation that Vodafone has offered to him for his indirect stake in Vodafone India is consistent with the agreements signed between him and Vodafone, which were filed with the Foreign Investment Promotion Board (FIPB) in 2007 and 2009.

Singh, who is the chairman of Max India Group and non executive chairman Vodafone India, said in a statement on Tuesday.

He also clarified that he did not own any direct equity stake in Vodafone India, and has an indirect stake in the company through various holding firms, some of which have significant debt. The valuation of his stake in Vodafone India will have to take this debt into consideration.

However, terming the decision of FIPB to allow Vodafone to increase its stake to 100% as “extremely encouraging and most forward looking”, Singh said, “The decision is very important for ongoing reforms in India. In fact, it has a lot of symbolic significance because telecom is the first regulated sector to benefit from 100% FDI.