India's Essar seeks equal partnership with Vodafone in Hutch Essar - report |
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Published
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Tue, 20 Feb 2007 08:17
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MUMBAI (AFX) - India's Essar Group wants to jointly manage Hutchison Essar along with Vodafone and is open to increasing its stake beyond the current 33 pct to make it a 'partnership of equals', The Economic Times reported.It quoted Essar Teleholdings CEO Vikash Saraf as saying that 'our perspective as an existing shareholder and an incumbent shareholder is that our partnership has to be a partnership of equals'.Meanwhile, the Business Standard quoted Saraf as saying that if Vodafone refuses to offer equal stake, Essar will exercise its right of first refusal to buy the 67 pct stake in Huthison Essar at the same price as Vodafone.The right of first refusal is laid out in the shareholders' agreement with Hutchison, the newspaper said.The paper, citing unnamed sources said that Essar has got commitments from financial institutions to match Vodafone's offer.yukti.vidyarthi@thomson.comypv/ra/nesCOPYRIGHTCopyright AFX News Limited 2006. 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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India's Essar bracing for big fight with Vodafone over Hutchison Essar - report 