Hutch EGM clears $11.1 bn deal with Vodafone

NEW DELHI: Shareholders of Hutchison Telecom International Ltd (HTIL) on Friday approved sale of the company's Indian assets to UK mobile giant Vodafone for $11.1 billion in cash with an overwhelming majority. The shareholders, representing a majority of HTIL shares, approved the deal at an Extraordinary General Meeting in Hong Kong. Meanwhile, the Delhi High Court today asked the Foreign Investment Promotion Board to complete within two months, an inquiry into alleged breach of FDI norms by HTIL in the Indian joint venture mobile firm Hutch-Essar.