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Ruias-led Essar Group today said it expects to close the $5 billion transaction with Vodafone by November this year and will continue to honour the terms of its agreement with the UK–based partner.
“Essar fully intends to honour all its rights and obligations under the various agreements with Vodafone and also expects Vodafone to do the same. This will be done in accordance with all applicable laws and regulatory approvals,” Essar said in a statement.
“Essar continues to be a shareholder in Vodafone Essar Ltd with all its rights and obligations until the transaction is concluded, which is expected by the end of November,” the statement added.
The statement comes amidst reports that Essar group may ask for $700 million more for selling its 33 per cent holding in Vodafone Essar.
Last month, Vodafone said it would purchase Essar's 33 per cent stake for $5 billion by exercising put and call options.
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