Vodafone announced on March 31, 2011 that the company has acquired 33% stake of its Indian partner Vodafone Essar for US$5 billion, according to the Wall Street Journal. The transaction is slated to complete by November 2011. Currently, Vodafone owns 42% shares of Vodafone Essar, and as per the transaction deal, Vodafone will own a total of 75% of the joint venture. According to the foreign direct-investment regulations of India, no less than 26% of the business must be owned by Indian companies. It is expected that Vodafone will offload 1.4% shares to meet the rules.