British telecom major, Vodafone Plc, has sought approval of the Foreign Investment Promotion Board (FIPB) to invest Rs 10,141 crore to raise stake in Vodafone India.

The foreign company intends to raise its 64 per cent equity stake in Vodafone India to 100 per cent. The existing stakeholders of the Indian subsidiary of the company are Piramal Enterprises, which holds 6.2 per cent in the company; and IDFC and other individual investors own the remaining 18.8 per cent.

Vodafone's proposal to buy out its Indian subsidiary partners has come within two months of the government allowing 100 per cent foreign ownership in an Indian telecom company.

It is the second foreign telecom company seeking approval of FIPB to do so, after Singapore's SingTel. The company recently received FIPB's approval to buy Bharti Airtel's 9.9 per cent stake in a joint venture for international long distance calls.