Vodafone Boss Has Eyes Fixed on India
January 17, 2007
VODAFONE boss Arun Sarin wants to acquire the 67pc stake in India’s fourth largest mobile operator Hutchison Essar.
He is prepared to shell out Pounds 6bn to Hong Kong conglomerate Hutchison Whampoa for the stake.
But Essar, which owns the remaining 33pc, is stirring trouble by claiming it has a right of first refusal on the sale.
The backup option for Vodafone (down 11/4p to 1481/2p) and local rival Reliance is to try to buy Hutch’s 50pc stake in the holding company through which it owns HE.
That would give the victor exposure to mobile operations in Israel and Vietnam.
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