On 1 July 2011, Vodafone Group, Essar Communications (Mauritius) Limited (“ECML”) and ETHL Communications Holdings Limited (“ECHL”) agreed the terms under which ECML and ECHL will sell their direct and indirect shareholdings in Vodafone Essar Limited (“VEL”).
Under the terms of the agreements, ECML's wholly owned subsidiaries, Essar Communications limited (“ECL”) and Essar Com Limited (“ECom”), have sold their entire 22% shareholdings in VEL, and ECHL will dispose of its 11% shareholding in VEL. Further, the parties have agreed that all outstanding claims between them are terminated, and that all future claims have been renounced. The parties have also agreed to cooperate fully in seeking all regulatory approvals necessary for the completion of these transactions.
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