OREANDA-NEWS. July 1, 2011. ETHL Communications Holdings Limited (“ECHL”), a wholly owned subsidiary of India Securities Ltd., is pleased to announce that on 1st July 2011, it has agreed with Vodafone Group, the terms for the sale of its 11% shareholding in Vodafone Essar Limited (“VEL”).

Under the agreements, the total consideration to be received by ECHL by 15th February 2012 for the sale of its 11% shareholding in VEL will be USD  1.26 billion. The transfer of shares will be completed after obtaining all necessary approvals.

Mr. Shashi Ruia, Chairman Essar Group commented, “We were one of the early entrants in the telecom space in 1995 and we are really pleased that Vodafone Essar has grown to become one of the premier telecom companies in the country with over 140 million subscribers. We have also enjoyed an extremely successful relationship with Vodafone and we wish them all success in the future.”