Indian firm Piramal Healthcare has given an update on what it intends to do with its 11 per cent stake in Vodafone India.

“We had invested in Vodafone and it was 24-36 months exit plan. We are still within the track for that and we will exit either sometime this year or next year,” said Piramal Group chairman, Ajay Piramal (pictured), according to Hindu Business Line.

The firm purchased its initial stake of 5.5 per cent in August 2011, and then doubled it in February 2012.

The healthcare firm has always said its investment, which totalled $1.26 billion across the two tranches, was financial rather than strategic.