India’s anti-trust body, the Competition Commission of India (CCI), has approved French company Vega SAS’s acquisition of a 16.2 percent stake in Vodafone Group PLC, the parent telecommunications group that has an Indian presence through Vodafone Idea Ltd, according to an official statement.

The approval, announced October 31, clears the proposed overseas equity acquisition involving Vodafone Group, which operates in India through its joint venture Vodafone Idea, although the transaction, as described in the CCI statement, relates to the acquisition of shares in the UK-based telecommunications group and not a direct stake purchase in its Indian operations.

In India, Vodafone Idea delivers a host of telecommunications and entertainment services.

Under the proposed combination, Vega SAS will acquire 16.2 percent of the issued share capital of Vodafone Group PLC, the CCI said in a statement.

Vega SAS is a holding company and a wholly owned subsidiary of Maya SAS, a simplified joint-stock company incorporated under French law.

Its activities include the design, development, maintenance, operation, management and marketing of systems, equipment, networks and services across telecommunications, internet, information technology, telematics and communications.

Its business activities also encompass the installation and operation of electronic communications networks.

The acquirer itself does not have any business presence or business activity in India. Its business activities in the country, if any, are undertaken through its relevant affiliates, the CCI said.

Vodafone Group PLC, the target company, is a telecommunications operator with a presence across Europe and Africa, providing fixed-line and mobile communication services in these markets.

The majority of its revenues are generated from core connectivity products and services, according to the competition regulator.

Its business portfolio also includes digital services, Internet of Things (IoT) services and financial services.