India Securities’ arm to sell its entire stake in Vodafone Essar to Vodafone

ETHL Communications Holdings, a wholly owned subsidiary of India Securities has entered into definitive agreement for sale of entire 10.97% stake in Vodafone Essar to Vodafone at a consideration of $1.26 billion. The sale will be consummated by February 15, 2012.

India Securities is promoted by Essar (Ruia) group and is a subsidiary of Essar Investments. It is into the business of finance, corporate advisory services, project finance, intermediation services project money and foreign exchange markets.