New Delhi, March 9 (PTI): Shareholders of Hong Kong-based Hutchison Telecom International Ltd (HTIL) today approved the sale of its indian business to UK’s Vodafone, but the deal still requires clearance from the Foreign Investment Promotion Board here.

The transaction was approved by an overwhelming majority of the shareholders who voted at the extraordinary general meeting, HTIL said in a statement, adding that the completion of the potential sale is expected to take place no earlier than April 2, 2007.

A shareholder present at the EGM said 99.4 per cent of those present supported the deal. HTIL did not disclose the exact numbers. The deal was supported by investors holding 4.18 billion shares against an estimated total equity capital of about 4.77 billion shares.

HTIL said, “Shareholders approved the proposed sale of the company’s entire direct and indirect rights and interests in respect of Hutchison Essar Limited to a subsidiary of Vodafone Group Plc for a total cash consideration of approximately $11.1 billion.”

Meanwhile, on a petition alleging breach of FDI policy by HTIL, Delhi High Court today asked the FIPB to respond within two months whether the Hong Kong company had breached FDI sectoral cap of 74 per cent with its investment in Hutch Essar.