Ahead of shareholders vote, Hindujas claims it is still in race for Hutch

Ahead of shareholders vote, Hindujas claims it is still in race for Hutch
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First Published: Wed, Mar 07 2007. 11 21 AM IST
Updated: Wed, Mar 07 2007. 11 21 AM IST
PTI
Mumbai: Days ahead of the key vote by Hutchison Telecom’s shareholders on selling its Indian assets to Britain’s Vodafone, Hindujas claimed on 6 March that they were still in race to acquire the Hong Kong-based company’s 67% stake in the Indian mobile joint venture Hutch-Essar.
“Our bid is pending, it is open till April,” Hinduja Group Chairman Srichand P Hinduja said.
He said Hindujas had put in a bid of $20 billion (Rs88,900 crore), higher than Vodafone’s bid of $19.3 billion.
Hindujas in January announced their intention of bidding for Hutchison Essar Ltd. This is the first time Hindujas have come on record about the amount they have bid.
However, Hutchison Telecom last month agreed to sell its 67% stake to Vodafone. The British company has also approached the Foreign Investment Promotion Board for getting approval of the deal as well as its investment plans.
Hinduja’s statement comes just days before HTIL’s shareholders meet on 9 March to consider the sale of its stake in India’s fourth-largest mobile player to Vodafone, the world’s largest mobile company in terms of revenue.
Earlier, they had a 5.11% stake in Hutch Essar, which they sold off. Ashok Hinduja of Hinduja Group had said earlier that with 5% stake they did not have much to do in the company. Whereas if it comes for sale then they would be interested, he added.
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First Published: Wed, Mar 07 2007. 11 21 AM IST
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