Due to the recent changes to India’s regulations concerning foreign investment, UK-based Vodafone Group aims to increase its stake by 6 % in its Indian subsidiary. The company already holds 52 per cent of its Indian mobile joint venture.

It is said that company is buying 6 % stake from two of its companions for Rs 8.62 billion.

According to the reports, former MD of the Indian ventures Asim Ghosh, who posseses 4.68% of Vodafone Essar, and Indian businessman Analjit Singh, who holds 7.58%, would sell 49% of their holdings to Vodafone.

Sources also revealed that Vodafone Group will pay total amount of Rs 8.62 billion for the stake, which includes Rs 5.33 billion to Mr. Singh and Rs 3.29 billion to Mr. Ghosh. With this, company’s share will go up to 58%.