A ruling by Mumbai's high court that has landed UK-based phone operator Vodafone with a huge tax bill could have ramifications for family companies looking to build business interests in India.
The high court ruled on Wednesday that the $11 billion (€8.64 billion) sale of mobile phone business Hutchison Essar, a subsidiary of the Li family's Hong-Kong-based Hutchison Whampoa conglomerate, to Vodafone in 2008, is eligible for capital gains tax in India.
