Essar to stay a partner in Hutch

Essar to stay a partner in Hutch

India’s Essar Group has confirmed that they are going to remain a partner in Hutchison Essar. This comes after Vodafone was confirmed as the company that is going to buy Hutchison’s stake in the company.

Essar Group vice chairman Ravi Ruia said in a statement: “We are not going to exit the business. We will run it together.” Essar has a 33% stake in the company which is the fourth largest mobile service provider in India.

This statement was released after a marathon meeting between the Vodafone team and the Ruias.

Vodafone chief Arun Sarin added in a statement: “I know Ruias from long ago. I respect their partnership. They have created value in the business. We are now trying to iron out issues and will take the business forward together.”

Sarin added that he wanted the steel-to-shipping Essar Group to remain a partner in Hutchison Essar.

Vodafone’ acquisition of Hutchison’s stake in the company is expected to be complete by April this year.