Reliance might bid for Hutch in India

Reliance might bid for Hutch in India

Incoming report states that Indian telecom giant Reliance is considering a joint bid with private equity firm Blackstone to acquire a stake in Hutch.

They might try to buyout Hutchison Telecommunications International’s 67% stake in the Hutchison Essar Ltd.

Hutch is the third largest mobile service provider in the region and provides GSM services. Reliance is a giant in the CDMA mobile service market and has been working on entering the GSM scene in India.

This deal could be worth around Rs 360 billion excluding debts. Hutch has around 20 million subscribers in India and such a deal could give Reliance a very good start in their GSM venture in the Indian market.

However, none of the involved parties has commented on this rumor in the market till now.