Late last week, India’s finance minister signed off on Vodafone’s proposed acquisition of a 52% stake in wireless operator Hutchison Essar (HE), allowing Vodafone to complete the U.S. $10.9 billion transaction on Tuesday. HE is the fourth largest mobile services firm in India, and the agreement by Vodafone to purchase the majority stake held by Hutchison Telecommunications International (HTI) represents the largest foreign acquisition in Indian history. Announced in February, the deal became mired in controversy as Indian officials questioned Vodafone’s plans regarding an additional 15% stake, held by two Indian businessmen and a domestic finance firm, over which HTI held call options. Because Vodafone’s agreement with HTI envisioned the transfer of those options to Vodafone, Indian regulators and opponents raised concerns that the deal violates Indian laws that cap foreign investment at 74%. (Essar, an Indian conglomerate that holds remaining shares in HE, had structured its interest so that 22% is held through offshore companies, thereby counting toward the 74% ceiling.) After Vodafone clarified that the call options in question could not be exercised under HE’s existing shareholder structure “if they resulted in a transfer to us or another non-resident entity,” regulators gave Vodafone permission to proceed with the purchase of HTI’s 52% stake. India’s foreign investment promotion board, however, conditioned approval upon Vodafone’s pledge to seek further government consent to exercise its call options. Vodafone has also agreed to assume HTI’s liability (in which HTI had pledged to pay up to $350 million if Vodafone exercised its options), resulting in a reduction in the final purchase price from $11.1 billion to $10.9 billion. Applauding the deal’s completion, Vodafone CEO Arun Sarin said, “I am confident that the Hutch Essar business will make a major contribution to the Vodafone group over the coming years.