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India's top court allows Vodafone to initiate second arbitration over $2 billion tax demand

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India's top court allows Vodafone to initiate second arbitration over $2 billion tax demand

India's top court allows Vodafone to initiate second arbitration over $2 billion tax demand
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MUMBAI (Reuters) – India’s top court on Thursday allowed Britain’s Vodafone <VOD.L> to initiate a second arbitration process under an India-UK investment pact over New Delhi’s tax demand for more than $2 billion (1.5 billion pounds) arising out of a deal that was struck a decade ago.

Vodafone, the world’s second-largest mobile operator, entered India in 2007 by acquiring Hutchison Whampoa’s wireless assets. It is contesting a tax bill of more than $2 billion relating to that acquisition.

Separately, Vodafone has already initiated an arbitration process under India’s investment pact with the Netherlands.

(Reporting by Suchitra Mohanty and Sankalp Phartiyal; Editing by Malini Menon)

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