On February 11, UK-based Vodafone announced that it will acquire a 67% stake in the India-based telecom Hutchison Essar for approximately US$11 billion. The remaining stake is held by India-based Essar. Aside from this deal, which will be completed within two months, Vodafone also plans to invest another US$2 billion in India in the upcoming years, aiming to further expand its market presence in India.