Vodafone submit its offer for Hutchison Essar in India

Vodafone submit its offer for Hutchison Essar in India

After Essar, we now have reports that Vodafone has gone ahead and submitted its offer for a stake in the Indian telecom company Hutchison Essar.

The company’s offer has put the value of the company at around 17-18 billion dollars.

The Financial Times newspaper has reported that they submitted the bid to the majority shareholder Hutchison Telecom, owned by Hong Kong conglomerate Hutchison Whampoa.

The report also claimed that Vodafone is ready to put in at least another two billion dollars as part of extra costs associated with the deal.

With this deal Vodafone wants to get a piece of the world’s fastest growing mobile market.

Bharti Chairman Sunil Mittal has also been quoted in the media saying that they might start “disengagement” talks over a 10 percent stake owned by Vodafone. He however rejected the idea of bidding for Hutch claiming that the price was too high. Bharti is the largest mobile service operator in India.