Essar’s initial investment in Essar Cellphone, the first Indian company to start GSM operations in India in 1995, was US $800 million.

By 2011—the year that Essar decided to monetize its 33.3% stake in the Vodafone-Essar JV to drive its next phase of growth—the company was valued at $18.8 billion. Vodafone-Essar’s subscriber base, too, had risen from 1,50,000 to 28 million.

 

Thus Essar was able to build one of the most valuable telecom companies in the world and revolutionise the Indian telecom sector by bringing in global players who invested in the India growth story.