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Vodafone bags Hutch

Vodafone bags Hutch
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First Published: Sun, Feb 11 2007. 10 41 PM IST
Updated: Sun, Feb 11 2007. 10 41 PM IST
New Delhi: Vodafone has pipped Anil Ambani’s Reliance Communications Limited to bag Hutch, India’s fourth largest mobile company. The deal size is estimated to be of $19 billion(Rs85,000 crores ).
Essar , the Indian partner in the telecom company, has welcomed the deal. It now has 21 days to decide if it would match Vodafone’s offer, or become the Indian partner of Vodafone. It also has the option of selling its stake to an Indian partner. Under Indian telecom laws, Vodafone cannot own more than 74% of Hutch.
Apart froim Vodafone, Reliance Communications, Essar Group and Hindujas had bid for Hutch.
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First Published: Sun, Feb 11 2007. 10 41 PM IST
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