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January 21, 2009

Vodafone to keep Airtel stake and expand in India

To battle the global slowdown

By CBR Staff Writer

UK mobile operator Vodafone has announced that it will not sell its 4% stake in Bharti Airtel, and will continue to invest in its Indian operations to battle the global slowdown.

Vittorio Colao, chief executive at Vodafone, said: We have the 4% stake in Bharti Airtel, and one day we will discuss what to do with it. We have clearly formulated our strategy: one goal, four pillars which include strong cash generation; chase growth opportunities in mobile data, enterprise services, and broadband services; deliver in emerging markets; and reward shareholders. India is the jewel of our international markets expansion.

In November Vodafone cut its full-year revenue outlook but said it would maintain profits and free cash by cutting costs by 1 billion pounds ($1.48 billion).

Last month, it lost its petition in the Mumbai High Court challenging a retrospective change to Indian tax law after it received a $2 billion tax bill following its acquisition of a 67% stake in mobile operator Hutch in 2007. The company said it will appeal against the ruling in the Supreme Court of India.

Vodafone is India’s third largest operator with about 61 million subscribers at the end of December.

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