Asim Ghosh to continue as HEL MD

MUMBAI: Asim Ghosh, managing director of Hutch-Essar in which UK telecom giant Vodafone has picked majority stake, would continue to head the new-look venture and said he was open to an IPO by the company.

"I am open to continue... we (he and Vodafone) have had some transitional discussion," Ghosh told PTI when asked if he would continue as the managing director and if Vodafone had offered the position in the wake of change in ownership.

A Vodafone spokesperson too said that the company "will retain the management team (of Hutch-Essar)."

Ghosh, however, dismissed as "hypothetical," queries on whether he was open to increasing stake in the venture from about five per cent now in case the Indian partner Essar, which has 33 per cent interest, decided to exit in response to a buyout proposal by Vodafone.

On whether he as chief executive of the venture would recommend to the new promoters, bringing the much-awaited public issue of Hutch-Essar, he said: "I am open to all options. It is for them to decide.

"The public offer can be helpful to raise resources but if we have resources otherwise... then? Our objective is to create value... now the new shareholders will decide how to increase this."

The public offer for Hutch-Essar was earlier shelved owing to differences between the foreign partner Hutchison Telecom and Essar.

Ghosh said Vodafone would add value to Hutch-Essar, as it would certainly bring more technology and resources.