The Hindu : National : RCom, Hindujas in race for Hutch-Essar

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Saturday, Feb 10, 2007
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National

National

RCom, Hindujas in race for Hutch-Essar

London/Mumbai : In what could be the biggest acquisition deal in India, four global and domestic majors — Reliance Communication, Vodafone, Hindujas and Essar — have bid for India's fourth largest mobile player Hutch-Essar that could be valued at up to $20 billion. While officials of either of the aspirants did not comment on their bid for majority stake in the venture, 67 per cent stake holder Hutchison Telecom of Hong Kong is silent on the deadline given by it till 9.30 p.m.

Essar, 33 per cent stake holder in the venture, made a conditional bid while maintaining that it had First Right of Refusal (RoFR) under the shareholder agreement, sources in the know said.An Essar spokesperson told PTI that it had tied up all the finances well above the initial offer in the range of $16 billion, but declined to give details. Contrary to speculation about various permutations and combinations among the suitors, Anil Ambani Group company Reliance Communications, U.K.-based telecom giant Vodafone and NRI group Hindujas preferred to go solo.

While Egyptian telecom company Orascom and Malaysia's Maxis were also reported to be in the race in the run-up to the submission of the bids, there was no word from either about their participation.

— PTI

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