Business Daily from THE HINDU group of publications
Thursday, Jan 11, 2007
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Business Daily from THE HINDU group of publications Thursday, Jan 11, 2007 ePaper |
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Telecommunications Info-Tech - Mergers & Acquisitions Vodafone offer in a few weeks Our Bureau
What they say Vodafone said the company has already started examining the books of Hutch Essar and would finish the exercise within a couple of weeks. Mr Kamal Nath said, "The deal should be done in a transparent manner in accordance with best commercial practices and in the best interest of all stakeholders."
Mr Arun Sarin
New Delhi , Jan.10 The Vodafone Group Plc Chief Executive Officer, Mr Arun Sarin, has said the company would make an offer for India's Hutchison Essar Ltd in a few weeks. Mr Sarin, who had a day full of meetings here today, also said that Vodafone was open to partnering with the Essar Group. "We will make a bid for whatever stake is available in the next few weeks. We are open to all options including joining hands with Essar,'' said Mr Sarin. The Vodafone Chief and the Essar Chairman, Mr Shashi Ruia, separately met the Finance Minister, Mr P. Chidambaram. After the meeting, Vodafone said the company has already started examining the books of Hutch Essar and would finish the exercise within a couple of weeks. The Vodafone chief also met Mr Sunil Mittal, Chairman, Bharti Group. The British company holds 10 per cent stake in Bharti Airtel and will have to exit in case it acquires Hutchison Essar due to regulatory conditions. Mr Mittal, however, said that the two sides did not discuss disengagement. Later, Mr Sarin met the Commerce Minister, Mr Kamal Nath, in a bid to garner support for the proposal apart from getting clarity on the Government's FDI policy for the telecom sector, which is yet to be finalised. He also called on the Communications and IT Minister, Mr Dayanidhi Maran. "Interest shown by global players has shown that India has grown to become the emerging market for telecom due to Government policies. We want good players to come to India," Mr Maran said before the meeting with Vodafone.
Related Stories: More Stories on : Telecommunications | Mergers & Acquisitions
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