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Essar expects to close $5 bn deal with Vodafone by Nov

Essar expects to close $5 bn deal with Vodafone by Nov
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First Published: Fri, Apr 08 2011. 08 30 PM IST
Updated: Fri, Apr 08 2011. 08 30 PM IST
New Delhi: The Essar Group will honour all its rights and obligations under its various agreements with Vodafone Plc, “and also expects Vodafone to do the same”, Essar said in a statement on Friday. “This will be done in accordance with all applicable laws and regulatory approvals.”
Essar’s statement comes in the wake of reports stating that the Indian conglomerate may seek around $700 million more for its 33% stake in Vodafone Essar Ltd, India’s third largest mobile phone company, and may also initiate legal action against Vodafone for alleged vioation of a shareholder agreement between the two companies.
On 31 March, Vodafone said that it would buy its Indian partner’s stake for $5 billion. Essar expects the transaction to be concluded by the end of November, Friday’s statement added.
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First Published: Fri, Apr 08 2011. 08 30 PM IST