Vodafone, Essar close to finalizing partnership agreement - report |
|
|
|
Published
:
Wed, 14 Mar 2007 04:10
|
HONG KONG (XFN-ASIA) - Vodafone Group PLC and the Essar Group are close to finalizing their partnership agreement for Indian mobile phone operator Hutchison Essar Ltd, the Wall Street Journal reported, citing sources familiar with the matter.The management structure under discussion includes nomination of Essar Group's vice chairman Ravi Ruia as chairman of Hutchison Essar, it said.Vodafone would approve that set-up even though Essar owns only a 33 pct stake in the cellphone company. Vodafone last month agreed to buy the other 67 pct of the Indian company from Hutchison Telecommunications International Ltd.While Vodafone's chief executive Arun Sarin would be vice chairman of Hutchison Essar, Vodafone will retain management control of the jointly owned company, the report said.Vodafone will appoint Hutchison Essar's chief executive, who will report to Vodafone's management team, it said.The partnership agreement, which likely would also include on option for Essar Group to sell its stake at a future date, is expected to be finalized in the coming days, it said.rc/
|
|
|
|
Print this Story
India's Essar bracing for big fight with Vodafone over Hutchison Essar - report 