The bids for Hutchison Telecom International’s stake in Hutch Essar have come in today. Media reports suggest that Vodafone, Reliance Communications and the Hindujas have put in their bids by Hong Kong time mid-night for acquiring HTIL’s 67 per cent stake in Hutch Essar.
It’s not clear if any other bidders have put in their bids. HTIL is meeting Sunday to discuss the bids. HTIL owns 67 per cent stake in the Indian telco Hutch-Essar, while the rest is owned by Essar.
HTIL had put its stake in Hutch Essar on the block couple of months back. Soon after Reliance Communications, Malaysia’s Maxis, Egypt’s Orascom, UK telco Vodafone, and a host of private eequity funds entered the race for the stake. Now the battle is essentially between Vodafone and Reliance Communications, besides the Hindujas. The valuation of the company can range anywhere from $18 billion to $21 billion.
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