The world's largest mobile phone company Vodafone on Friday officially announced that its was looking to acquire a controlling stake in India's Hutchison-Essar, ending a week long speculation about its intentions. It announced announced its readiness to buy 'in cash' Hutch-Essar, India's fourth largest mobile operator being valued up to $17 billion. It becomes the first player to throw the hat in the ring.
PTI has quoted the group's media relation director Bobby Leach as saying Vodafone as saying that it "would fund any consideration in cash.. UBS are our advisors and have been advisors on a substantial number of transactions for Vodafone" He was asked about the financial arrangements and advisors for the Indian venture, where Hong Kong-based HTIL has 67 per cent equity. Neither the 23.7 billion ponds (Rs.2,06,625 crores revenue)Vodafone nor other contenders have made a formal bid for Hutch-Essar Ltd (HEL), with sources indicating that both Vodafone as well as Reliance Communications are waiting for the other to make a move first.
Earlier in the day, Vodafone posted a statement on its website which said that it has noted recent speculation regarding a potential acquisition of Hutchison Essar in India. "The board of Vodafone continues to believe the mobile market in India has great potential and is therefore considering the acquisition of a controlling interest in Hutchison Essar," the statement said.
It further said that "such a transaction would be consistent with its stated strategy of seeking selective acquisition opportunities in developing markets. "it however noted that "the process is at an early stage and may or may not lead to a transaction." A further announcement will be made in due course," it said. Vodafone is expected to come up with a formal bid any time on Friday, say sources. With European markets nearly reaching the saturation point, Vodafone is trying to gain a foothold in the Indian market that is growing at a rate of more than 50 lakh new subscribers every month.
In a separate statement Hutchison also for the first time confirmed that it has been approached by various potentially interested parties regarding a possible sale of its equity interests in Hutch Essar, the company's mobile operations in India. It said "No agreement in respect of such possible sale has been entered into up to today's date." Hutchison said "There is no assurance that a sale may result from these approaches."
As well as in India, Bharati Airtel on Friday said that Vodafone has informed the company about its interest in making a bid to acquire Hutch.Vodafone has a 10 per cent stake in Bharti and will have to exit from Bharti if it takes over Hutch. Bharti however was silent on the non-complete clause and did not disclose whether it was considering to waive the non-compete clause with Vodafone or whether Vodafone has started talks to sell its stake.
As per the non-compete clause, Vodafone cannot operate in the same circles where the Airtel is functioning till one year from the date of ending the agreement between the two companies the Ruja's of Essar are still maintaining a stony silence, sticking to the stand that they are not selling. Most of the people is going to famous brands in the world.
Mr.Ravi Ruia, vice-chairman of Essar had been in London this week and though the company spokesperson denies it is in connection with the Vodafone developments, sources say that Vodafone has been in talks with them. Sources say that they would rather partner with or sell out to Vodafone, than sell to Reliance. Reliance has become silent in the last two days and is expected to show its cards after Vodafone declares its bid price for Hutch.
what phone
Related Articles
Nokia N95 the Master Piece
By: maalikkhan | 17/09/2007 | Cell Phones
A review of the the Master Piece called "N95"
Iphone Iwant
By: maalikkhan | 17/09/2007 | Cell Phones
Review Of the New iPhone
Cell Phone Buying Guide to Help You Get the Best Value For The Money
By: David Arnold Livingston | 16/11/2005 | Communication
Whether it's your first or umpteenth mobile phone you are planning to buy, knowing or being reminded of the following tips will surely better your chances of getting the perfect one.
T-mobile Flex-t Price Plans
By: Mark Hirst | 25/06/2007 | Cell Phones
Although they weren’t the first network to offer flexible price plans that offer subscribers the chance to personalise their allowances of minutes to meet their own needs, T-Mobile have arguably been the most successful network in offering the service, and with the addition of Web and Walk, Flex-T plans offer a great solution for almost any subscriber.
TV Guide's Idea of Taking Entertainment Mobile
By: IC | 07/04/2008 | Technology
It seems the most technology related companies are going mobile, from those who offer news, stock quotes, music as MP3s, videos and now even TV guides.
Cell Phones With Music-T-Mobile
By: Douglas Stewart | 19/05/2008 | Computers
With all the new makes and models of cell phones that are available today, you may be confused as to which model would best suit your needs. If you are interested in a model that will enable you to listen to music and your service provider is T-Mobile, there are...
T-mobile Samsung T619 : Features
By: Subha Shankar | 13/06/2007 | Cell Phones
A full-featured, quad-band phone with a 1.3 megapixel VGA camera, advanced voice dialing and speech recognition, and much more, the Samsung t619 makes a powerful, yet affordable, mobile companion.
How to Make Cheap International Calls From Cell Phones
By: Bob Graham | 29/04/2007 | Cell Phones
New technology allows users to make cheap direct dial international calls from cell phones through a low cost network without changing the domestic service provider.
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
20 digit number
By: Nasir | 24-07-2008
what does 20 digit number on the back of Mobile Sim Card indicates? what other information we can gather from this? for example if the number is "89913704062230110113" . what information this can give us .
Help me in installing theme in nokia n73
By: sonorific | 24-07-2008
whenever i try to install new theme on my mobile nokia n73 ,, it gives the error (certificate expire ,contact your application supplier). can i install any theme ?
For sell phone companies what are their gross sells?
By: sunshine | 23-07-2008
I have a solar-powered cell phone patent I am trying to get on the market. I am trying to find out the gross sells for any and all cell phone companies here in the US and over seas. If you have any information on this matter please e-mail me @ waxlrod@aol.com
What are their gross sells in cell phones for Samsung?
What are their gross sells in cell phones for Verizon?
What are their gross sells in cell phones for Nextel?
What are their gross sells in cell phones for Sprint?
What are their gross sells in cell phones for AT&T?
What are their gross sells in cell phones for Cingular Wireless?
What are their gross sells in cell phones for any other mobile cell phone company I may have messed?
Backtones
By: keangus | 22-07-2008
can u buy backtones for your cell fone for free or get them off the internet? if so, can u give me sum links?
I have plenty of songs on my computer and I want ...
By: cksmilestorres | 21-07-2008
I have plenty of songs on my computer and I want to know how to transfer the song to a ring tone and get it on my cell phones. We have LG Envy and LG chocolate 3.
I dont have my IMEI no as my phone is stolen what ...
By: Ramesh | 19-07-2008
I dont have my IMEI no as my phone is stolen what shall i do?
Q&A Powered by:
Latest Cell Phones Articles
Recycling Your Old Cell Phones
By: Chris Jensen | 25/07/2008
You're probably not aware that you can recycle your old or used cellular phones. You probably have one or two old cell phones laying around your house collecting dust.
Samsung U600: Complete Entertaining Experience
By: Adam Caitlin | 25/07/2008
The Samsung U600 comes with state-of-the-art features and advanced technologies. Get a complete entertaining experience together with an advanced technology.
Explore the LG Kf600!
By: Adam Caitlin | 25/07/2008
LG is one of the leading and wide acknowledged brand names in the mobile phone industry. It has a collection of exclusive and powerful mobile phones. There are many mobile phones under the roof of LG and the LG KF600 is one very attractive and popular model.
Nokia N83: Highly Distinctive Device
By: Jack Daniel | 25/07/2008
The Nokia N83 is endowed with a 5 megapixels camera, music player software and controls, FM radio, 2.5 inches screen and lots more. The handset is all set to creates waves in the mobile phone industry with its remarkable set of features.
The Powerful Nokia 2680 Slide!
By: Jack Daniel | 25/07/2008
Nokia is one of the leading companies in the domain of mobile phones. The company has a wide range of mobile phones which are crafted with some of the most innovative design and powerful features.
LG Viewty: More Than Just the Name
By: Adam Caitlin | 25/07/2008
LG is one of the most trusted and well known companies when it comes to electronics. It has given a lot of advancement in the field of electronics and still continues to contribute. Their latest Viewty collection is the ultimate example of their work.
Wholesale Mobile Phone Checklist, Why the Bigscreen TV Phone is our Favorite
By: Rose Li | 25/07/2008
If you mashed together a MP4 that'll play almost anything... a portable TV and a phone which worked almost anywhere, what would you get? You'd get the big screen TV phone the latest word in convergence to come out of China. Here's our checklist of reasons why we think you need to have this phone...
Tft Touch Screen Mobile the Sony Ericsson G700
By: swornalakshmi | 25/07/2008
These phones are ideal for users that are only interested in making their lives simpler. They feature the same 2.4″ 262K with QVGA TFT touchscreen display with QVGA resolution. These phones are ideal for users that are only interested in making their lives simpler.
More from Ian Ball
Your Old Worthless Cell Phone
By: Ian Ball | 17/12/2007 | Cell Phones
What is your old worthless cell phone worth? To you, nothing. Maybe you haven’t noticed that they have been giving away cell phones for any reason at all for several years now. If you want a new cell phone, just wait until your contract runs out with your current provider, and then ask for a new FREE cell phone with the features you want.
Voice Dialing With Cell Phones
By: Ian Ball | 17/12/2007 | Cell Phones
Of all the unique features to come with handy mobile phone, voice calling is the best and the latest. This exciting feature enables mobile phone users to make phone calls by just calling out a person’s name to their cell. The mobile phone will automatically dial the person’s number and make the call.
Understanding Cdma in Mobile Phones
By: Ian Ball | 17/12/2007 | Cell Phones
CDMA is a short terms that refers to ‘Code Division Multiple Access’. It is used in the second-generation (2G) and third-generation (3G) mobile phone tethnology. So, what does CDMA do for your mobile phone?
Trends in Mobile Communications
By: Ian Ball | 17/12/2007 | Cell Phones
Communication is one of the important areas of Electronics and has always been a focus point for exchanging information among parties at locations physically apart. There are different modes of communication like written messages ,speaking to the other party, giving Fax etc.
Tips for Buying a Good Cell Phone
By: Ian Ball | 17/12/2007 | Cell Phones
Buying a cell phone is not an easy task, particularly with myriad cell phone varieties arriving in the market these days. Each one offers its own unique features, yet it is different in some way from the other, through style, design and quality. With the plethora of cell phone varieties, coming out these days it’s easy to get confused. Here are a couple of tips you can use when buying cell phones:
Tips for Battery Use in Cell Phones
By: Ian Ball | 17/12/2007 | Cell Phones
Mobile phones get charged through batteries or through a phone charger. Now if you feel that using batteries is a better option for you because you don’t want the hassle of charging you mobile every time, you should keep in mind how much you are going to use the mobile before going in for buying the battery. Here is a look at the typical mobile phone batteries.
The Gsm Service
By: Ian Ball | 17/12/2007 | Cell Phones
In GSM mobile phone system the region to be covered by the service is divided into hexagonal cells which are typically 5 km in diameter. The size depends on the density of traffic and would be larger in sparsely populated areas. At the centre of each hexagonal cell there is a base transceiver station (BS) which sends and receives calls to /from mobile phones within its range.
Stylish Mobile Phones
By: Ian Ball | 17/12/2007 | Cell Phones
Newer the day, newer is the mob ile phone model is the buzzword today. Keeping the most expensive mobile phone is a status symbol among teenagers. Owning a costly mobile phone was not a convenience to ring now and again but there is sudden change in trend.
Technology 
