Status quo over BPL row between Hutchison, Essar
Hong Kong based Hutchison is understood to have expressed its desire for an expeditious settlement of the row over the merger of BPL (Mumbai) circle with Hutchison Essar but no headway seems to be in sight.
By PTI |
NEW DELHI: Hong Kong based Hutchison is understood to have expressed its desire for an expeditious settlement of the row over the merger of BPL (Mumbai) circle with Hutchison Essar but no headway seems to be in sight.
The dispute, one among various between the two joint venture partners, was back in focus when Fok Kin-Ning Canning, group managing director of the Hong Kong-based Hutchison Whampoa and chairman of Hutchison Telecom met Ravi Ruia, chairman of the joint venture partner Essar on Friday.
This comes amid the unconfirmed reports that private equity players Blackstone and Texas Pacific are in race to acquire Hutchison Whampoa's Indian assets.
Sources familiar with the JV said while Kin-Ning had expressed the desire for a settlement of the dispute, no discussion could be initiated on the vexatious issue where Hutch is still to appoint its arbitrator.
Sources said no development has taken place over the merger of BPL Mumbai circle into Hutchison-Essar and the status quo is maintained. Hutch had moved Bombay High Court against the termination and the court directed an out-of-court settlement through arbitration.
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On August 10, Bombay High Court directed that an Arbitration Tribunal be set up within 30 days for the settlement of disputes between Essar and Hutchison on the termination of BPL (Mumbai) circle sale deal by the former.While declining a stay on the plea of Hutchison-Essar on termination of sale deal, the court had restrained the Essar from selling the BPL circle to a third party.
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