Essar, bankers to start due diligence for Hutch
Essar's move follows Vodafone, which has already started examining the books of Hutch Essar.
By PTI |
MUMBAI: Essar Group, the Indian partner in Hutch Essar Ltd, along with its bankers is likely to start due diligence tomorrow for acquiring its joint venture partner Hutchison Telecom's 67 per cent stake.
Essar has appointed five bankers - Citibank, Morgan Stanley, Standard Chartard, Merill Lynch and Lehman Brothers - for the deal. The company has already received funding support to the tune of 25 billion dollars from these bankers.
When contacted, an Essar spokesperson declined to comment.
However, sources said the group would start the due diligence process in a day or two.
Essar chairman Shashi Ruia had yesterday announced the group's intention in buying out Hutchison Telecom's stake from the joint venture.
Although Ruia had said Essar need not conduct a due diligence, sources said it was for the bankers who would be funding the deal.
Essar's move follows Vodafone, which has already started examining the books of Hutch Essar.
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