Vodafone reaches agreement with Essar |
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Published
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Thu, 15 Mar 2007 09:52
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LONDON (AFX) - Vodafone said it has reached agreement with Essar over how their Indian mobile phone joint venture will be managed.Vodafone bought a 67 pct stake in Hutchison Essar for 11.1 bln stg from Hutchison Telecommunications International last month, and has been locked in discussions with the Indian industrial conglomerate ever since.Under the terms of this morning's agreement, Essar head Ravi Ruai will become chairman of Hutchison Essar, which will be renamed Vodafone Essar. Arun Sarin, chief executive of the UK-based mobile phone giant, will be appointed as vice chairman.The British company has also granted Essar an option to sell its one third stake in Vodafone Essar to Vodafone for 5 bln usd between the third and fourth anniversaries of the deal's completion.The Indian conglomerate will also have the right to sell between 1-5 bln usd of Vodafone Essar shares to Vodafone at an independently adjudged market rate.Essar will be given proportionate board representation once Vodafone's purchase of the controlling stake completes 'in the coming weeks', said the UK company.simon.duke@thomson.comsd/tcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Vodafone, Essar close to finalizing partnership agreement - report 