NEW DELHI: British telecom giant Vodafone has sold its 4.2% holding in Bharti Airtel for $200 million to comply with rules that bar cross-holding between rivals.

“Vodafone confirms that it has sold, through a wholly-owned subsidiary, its shareholding in Bharti Infotel Pvt Ltd, representing an approximate 4.2% interest in Bharti Airtel Ltd, to Bharti Enterprises (Holding) Pvt Ltd,” Vodafone said in a late-night statement here.

The company said that the move follows the new unified licence regime in India published by the Department of Telecom which prohibits the holding by a group of an interest in more than one licensee company in the same service area.

Vodafone had picked up a 10% stake in Bharti Airtel in 2005, which was diluted partially after it entered the Indian market directly in 2007 by acquiring Hutch-Essar.

Source: Times of India