New Delhi: Vodafone on Thursday reinstated its willingness to partner Ruias-promoted Essar in the Hutch deal, saying it is the "natural partner" for the biggest acquisition deal in India.
Echoing Wednesday’s comment of its CEO Arun Sarin that ‘he counted the Ruias as good partners’, UK-based telecom giant Vodafone on Thursday offered to align with Ruias' Essar in pursuit of acquiring mobile player Hutch-Essar.
"Essar is a natural partner. It is already there in the joint venture," as quoted by PTI, Sarin told reporters at the close of his two-day visit to India during which he met Cabinet ministers, including P Chidambaram and Dayanidhi Maran.
Keeping his options open to join hands with other firms, Sarin said: "We are talking to several companies... We will see who we can have as partner on a long-term basis".
Asked on the valuation of Hutch Essar that is being pegged at $20-21 billion, he said there was only a certain limit up to which Vodafone would go and "not beyond".
Vodafone was the first player to announce its intention about acquiring Hutch-Essar and Sarin visited Hong Kong recently to meet officials of Hutchison Telecom (HTIL), which owns 67 per cent stake in HEL, before coming to India.
During the meeting with Finance Minister Chidambaram on Wednesday, Sarin is understood to have discussed the company's future plans in India.
After the meeting with Sarin, Commerce and Industry Minister Kamal Nath asked the UK telecom giant to follow best commercial practices in its bid to acquire Hutch-Essar.
"A deal should be done in a transparent manner in accordance with best commercial practices and in the best interest of all stakeholders," Nath told Sarin.
Essar, which presently holds 33 per cent stake in Hutch-Essar, has also expressed its intention to buy remaining 67 per cent stake and Essar Group Chairman Shashi Ruia on Wednesday met Cabinet ministers in this connection.
Apart from terming Essar a natural partner, Vodafone on Thursday kept its option open to partner Reliance Communication to rope in India's fourth largest mobile player Hutch-Essar.
Listing out Vodafone's track record as "good partner", Sarin said he was also open to partnership with other suitors, including Reliance Communications.
Meanwhile, Reliance Communications Chairman Anil Ambani on Thursday met Chidambaram and senior DoT officials as a part of the due diligence process for Hutch-Essar.
Comments
0 comment