Vodafone has petitioned India’s Supreme Court to halt penalty proceedings from India's tax authorities, which claim the company owes taxes related to a 2007 acquisition.
Vodafone said on Thursday it will buy Essar Group's stake in a local subsidiary, giving it the maximum allowable equity share of a mobile phone company allowed by Indian law.
Vodafone has given the green light to Indian joint venture partner Essar Group to conduct an IPO (initial public offering) of Vodafone Essar if desired.
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