VODAFONE TOPS UP FOR A FIGHT IN INDIA
Vodafone is topping up for a massive fight in India. The mobile giant is injecting $7.2 billion of cash into its Indian unit in what it claims is the largest-ever foreign direct investment into the country. That will help the local number two player, which accounts for 11 percent of its parent’s revenue, compete. It also suggests an initial public offering of the business is off the table for now.The amount is more than twice what Vodafone might have hoped to raise in an IPO and half the pre-deal value of the entire business.