Vodafone pips R-Com, Hindujas, Essar!!
LONDON/HONG KONG: UK giant Vodafone is understood to have emerged as the top bidder for majority stake in India's fourth largest mobile player Hutch-Essar, pipping Anil Ambani group's Reliance Communications, Essar and Hinduja Group.
Vodafone bids at $18-19 billion.
The fate of suitors, who submitted their bids on Friday, was decided at a meeting of the Board of Hutchison Telecom which had put its 67 per cent stake on the block a few months ago, on Sunday.
It was, however, not clear whether Essar, which while submitting its bid has asserted its Right of First Refusal on account of its 33 per cent holding in the venture, would get a chance to match the top offer.
Officials of either HTIL or any other suitor could not be contacted for comments on the details of their respective bids.