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CCI approves Atlas 2022 Holdings' move to increase stake in Vodafone

CCI approves Atlas 2022 Holdings' move to increase stake in Vodafone

| @indiablooms | 30 Nov 2023, 01:17 am

New Delhi: The Competition Commission of India (CCI) has given the go-ahead for Atlas 2022 Holdings Limited to raise its ownership in Vodafone from 14.6% to just below 25%.

The approved plan involves Atlas increasing its stake in Vodafone from 14.6% to less than 25% through a series of transactions.

Atlas was incorporated on 24th February 2022, in the Cayman Islands, a company owned by Emirates Telecommunications Group Company PJSC (e&), and it was created to acquire and hold an existing 14.6% stake in Vodafone.

Emirates Telecommunications Group Company PJSC is a telecommunications company based in Abu Dhabi, United Arab Emirates, and it operates in several countries across the Middle East, Asia, and Africa.

Neither Atlas nor Emirates Telecommunications Group Company PJSC has any physical presence in India.

Further, Emirates Telecommunications Group Company PJSC doesn't have subsidiaries in India or a license to operate as a mobile network operator there.

Vodafone, headquartered in Newbury, England, is a British telecom operator providing mobile and fixed-line services.

In India, Vodafone operates through Vodafone Idea Limited (VI India) and its subsidiaries.

VI India offers mobile telephony, broadband, content and digital services in partnership with various apps and content creators.

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