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Open to partner with any operator

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New Delhi Feb 5 The Hindujas have begun due diligence for acquiring Hutchison Essar. The process is expected to take 4-5 days.

Mr Prabal Banerjee, Group President (Finance) and CFO, told Business Line that the company would be ready with its bids once the due diligence is completed.

"We will go by the fundamentals of the business for placing our bids. There is no question of making a decision based on emotion or ego," he added.

He also said that the Hindujas are making a comeback into the telecom sector because the Group wanted to be in any business only if it can hold more than 51 per cent stake.

The Hindujas were earlier holding about five per cent stake in Hutchison Essar, which they sold off to Hutchison Whampoa.

"We exited because we had no scope of increasing our stake and the Hindujas want to be in areas where we can have at least 51 per cent stake. Now we see the opportunity and are interested, as long as we get controlling stake," said Mr Banerjee.

He added that the Hindujas are open to partnering with any operator.

More Stories on : Mergers & Acquisitions | Telecommunications

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