Essar keen on acquiring Hutch stake
Essar Group Chairman Shashi Ruia said, "It is our company. Why should we do a due diligence".
By PTI |
NEW DELHI: Ruias-promoted Essar Group on Monday announced its intention to buyout the 67 per cent stake of its foreign partner Hutchsion Telecom in mobile venture Hutch- Essar, which is being sought out by three other players.
In its first formal acknowledgement, Essar Group Chairman Shashi Ruia said: "Of course we are interested."
"It is our company. Why should we do a due diligence," he said when asked whether Essar would study the books of the company. Essar owns 33 per cent in HEL.
Ruia's comments come on a day when UK's Vodafone commenced due diligence on Hutch-Essar Ltd (HEL). Besides, Reliance Communications and Hinduja Group have gone public about their intention to buyout the country's fourth largest mobile company.
Malaysia's Maxis Communications and Egypt's Orascom are also believed to be keen on acquiring HEL, but are yet to formally say so.
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