Healcare sector firm, Piramal Healthcare has acquired additional stake in Vodafone's India unit taking its total stake to about 11 percent in the country's third largest telecom service provider.

Piramal said on Friday that it would buy a 5.5 percent from Essar for about 30 billion rupees or $616.14 million. The company raised 18 billion rupees through commercial papers with 30-day and 75-day maturities to pay a part of the deal to acquire the stake in the British telecom giant's Indian unit.

The shares of the company rose more than 7 percent followings news of the acquisition of additional stake in Vodafone's Indian unit. The bechmark index of the Bombay stock Exchange (BSE), sensex rose 1.17 percent at 17,812.28 at the time of reporting this morning.

Vodafone had recently received a favorable judgment from the The Supreme Court of India in a case regarding tax payment worth billions of dollars. The Supreme Court of India has announced its decision into the long-standing case involving global telecom sector giant, Vodafone and the Indian authorities relating to the payment of taxes in the country.

The company court victory in a case lasting more than four years came as the Supreme Court dismiss the government's demand for $2.2 billion in taxes from Vodafone for its acquisition of Hutchison Whampoa Ltd's India operations in 2007.