Ruias to stay put in Hutch Essar
The roses sent by Vodafone CEO to the Ruias of Essar group on Valentine’s Day were not wasted.
By TNN |
MUMBAI: It seems the roses sent by Vodafone CEO Arun Sarin to the Ruias of Essar group on Valentine’s Day were not wasted. The Ruias, 33% stakeholder in Hutch Essar, on Thursday decided to stay invested in the telecom company. The announcement by Essar vice-chairman Ravi Ruia followed an over two-hour meeting between Mr Sarin and the Ruias here. “We are clear that Essar is a long-term player in the telecom industry and we have no plans to exit this company or business,” Mr Ravi Ruia told mediapersons.
In a statement issued late on Thursday, the Ruias said, “Essar is a founding shareholder of HEL, and the group sees telecom as a core part of its business portfolio for the long term. It is Hutchison that is selling its shares, Essar has no intent to exit the company.”
Earlier, emerging from the meeting at the Ruia residence in Walkeshwar in the afternoon, Mr Sarin agreed there were differences between the two sides. Asked if he wanted to iron out issues with Essar and run the business together, he said, “That is the objective.”
He said the Ruias had created value in the business and Vodafone wanted to take the business forward with them. “I respect their partnership,” he added.
Mr Sarin met Essar chairman Shashi Ruia, vice-chairman Ravi Ruia and Essar group directors Prashant Ruia and Anshuman Ruia. This could be the beginning of a series of meetings to iron out differences between the two sides.
In a statement issued late on Thursday, the Ruias said, “Essar is a founding shareholder of HEL, and the group sees telecom as a core part of its business portfolio for the long term. It is Hutchison that is selling its shares, Essar has no intent to exit the company.”
Earlier, emerging from the meeting at the Ruia residence in Walkeshwar in the afternoon, Mr Sarin agreed there were differences between the two sides. Asked if he wanted to iron out issues with Essar and run the business together, he said, “That is the objective.”
He said the Ruias had created value in the business and Vodafone wanted to take the business forward with them. “I respect their partnership,” he added.
Mr Sarin met Essar chairman Shashi Ruia, vice-chairman Ravi Ruia and Essar group directors Prashant Ruia and Anshuman Ruia. This could be the beginning of a series of meetings to iron out differences between the two sides.
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