Tags: Reliance, Vodafone

Vodafone might partner with Essar for the Hutch deal

UK based mobile technology giant Vodafone has said that they are open to partnering with other interested parties in their bid to acquire the Hutchison’s stake in Hutch.

The company said that they are open to partnering Essar in its attempt to buy Hutchison out of Hutchison Essar.

Essar is the other major stakeholder in the company and has shown interests in buying the Hutchison’s stake.

Vodafone CEO Arun Sarin said in a statement: “We will formally bid for Hutchison Essar in a few weeks. The bidding will take place after January.”

Essar group Chairman Shashi Ruia also has met Finance Minister P Chidambaram and Communications Minister Dayanidhi Maran to showcase their case and the seriousness of purchasing the stake in hutch.

Reliance is the third major company interested in acquiring this stake. They have again confirmed that they are going to bid for this stake.

The Reliance Communications board has authorized company Chairman Anil Ambani to take appropriate steps to raise resources, including foreign loans to fund this acquisition.