Vodafone bags Hutch pie
February 11, the UK telecom giant Vodafone announced to acquire majority 67 percent stake in India’s fourth largest mobile venture Hutchison Telecom International in Hutch-Essar for $11.1 billion.
Vodafone CEO Arun Sarin announced that the enterprise value of Essar at $18.8 billion and said that they were delighted to be depening their involvement in the Indian mobile market. He said that they had concluded this transaction within their stated financial investment criteria.
Ravi Ruia, vice-chairman, Hutch-Essar Group, said that Essar group was a strategic in the infrastructure development in India and neighbouring countries. He said that telecommuniacation was a core business for Essar group and they continue to create value in that sector both within India and globally.
Mr.Ruia has met Mr.Arun Sarin, CEO of vodafone to discuss the future of the artnership. Arun Sarin, is understood to have pipped Anil Ambani group company Reliance Communications, a consortium led by NRI group Hindujas and Indian conglomerate Essar, which has 33 per cent stake in the venture.
Vodafone and Hutch-Essar are the two bidders who had biggest stake in this bid. Vodafone was a readymade entry into the burgeoning Indian market as Hutch-Essar is the fourth largest telecom company in India. Vodafone and Hutch-Essar is a bonanza unequalled by any other such deal.
February 13th, 2007 at 11:10 pm
It is good for the country that Anil Ambani lost the race. Had he won it, there will be no end to the Reliance duping several of the Hutch subscribers, through by creating ingenious schemes and scams.
For full details of how I got cheated by Reliance, please visit the link below.
http://reliancemobilevictimsblog.blogspot.com/