Hutch to become 'Vodafone Essar'
The two firms have agreed to rename Hutchison Essar as Vodafone Essar.
By Agencies |
NEW DELHI: Arun Sarin, CEO of Vodafone which successfully bid for majority stake in domestic mobile firm Hutch-Essar, will visit India on Thursday to ink a deal with Indian partner Essar on management and organisational issues.
Nearly a month after the UK firm clinched a deal for acquiring Hong Kong-based Hutchison Telecom International’s controlling stake in HEL, Sarin will announce the terms and conditions of the partnership with Ruias promoted Essar, which holds 33 per cent stake in the joint venture.
The two firms have also agreed to rename HEL as Vodafone Essar, which would start selling its products and services under the Vodafone brand in due course.
Under the terms of partnership believed to have been agreed by the two firms, Vodafone would have operational control of Vodafone Essar and Ruias would have rights, such as board representation, in accordance with their 33 per cent equity.
Ravi Ruia is likely to be appointed Chairman of Vodafone Essar board, while Sarin would be named Vice Chairman.
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