Essar’s top guns in fresh talks with HTIL

HONG KONG/LONDON: Essar vice-chairman Ravi Ruia and director Prashant Ruia have begun a fresh round of talks with Hutchison Telecom International, which has put its Indian business on the block.

Sources said Ravi Ruia and Prashant, son of group chairman Shashi Ruia, are believed to be talking to HTIL possibly to resolve differences on the first right of refusal. The first right of refusal arms Essar with the power to match the highest bid for HTIL’s stake.

Both Essar and HTIL are understood to have taken legal opinion on the contentious issue of first right of refusal to emphasise their viewpoint. In case the issue is not resolved amicably, then a legal battle could not be ruled out.