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10 Sep 2010
Indian tax authorities could hit telecoms giant Vodafone with an $2bn (£1.3bn)tax bill, in the latest twist of a marathon legal battle concerning one of its acquisitions.
The FTSE100 heavyweight bought a controlling stake in the Indian mobile phone operator Hutchison Essar through one of its Dutch subsidiaries.
The Vodafone-controlled Dutch company then paid $11bn into a Cayman Islands-based company owned by the seller, Hutchison Whampoa.
However the Indian tax authorities believed Vodafone should have paid capital gains on the deal.
Vodafone is expected to appeal the decision. Des Webb, Vodafone's global tax executive told the FT. We continue to believe strongly that this transaction is not taxable in India and will continue to defend our position."
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Briefings
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