February 07, 2012 02:20 am | Updated 02:20 am IST - MUMBAI:
Piramal Group Chairman Ajay Piramal addresses a news conference in Mumbai on Monday.
The Piramal Group's decision to double its stake to 11 per cent in Vodafone India Ltd. (VIL) is to maximise its return on investment in the short-term.
Addressing the media here on Monday, Piramal Group Chairman Ajay Piramal said the company was looking at a 18-24 month horizon. Piramal would exit Vodafone either at the time of VIL's initial public offering (IPO) over the next 12-18 months or by stake sale to a third party with Vodafone having the first right of refusal.
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