Vodafone outlines its strengths for potential Indian acquisition - report |
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Published
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Wed, 10 Jan 2007 05:41
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BOMBAY (XFN-ASIA) - Vodafone Group PLC has told the Indian government that its scale and mobile centric focus gives it a clear competitive advantage in any potential acquisition in India, the Economic Times reported, citing a copy of the UK-based telecom firm's communication with the government.While the Vodafone communication does not make any direct reference to its planned buyout of Hutchison Essar Ltd, it however says that the company is capable of delivering strong growth in emerging markets, according to the report.Vodafone also said that its priorities are to deliver high performance in existing markets, outperform new acquisitions and raise stake over time.Vodafone's CEO Arun Sarin will begin a three-day trip to India today, during which he will meet commerce and industry minister Kamal Nath, communications and IT minister Dayanidhi Maran and possibly finance minister P Chidambaram and prime minister Manmohan Singh, the paper said.Meanwhile, Bharti Airtel chairman Sunil Mittal confirmed that Sarin will meet Bharti executives during his visit, the report said.Vodafone, which holds a 10 pct stake in Bharti Airtel, is said to have started talks with Bharti and Singapore Telecom (which holds 30 pct in Bharti) to release the UK firm from a non-compete clause for a penalty fee, it said.The newspaper cited sources as saying that Vodafone may also sell its 10 pct holding in Bharti at a concessional price to Bharti or to an investor of Mittal's choice.rc/
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