Essar for legal action against Vodafone

ANOTHER BATTLE: Essar unhappy about the way Vodafone treating the acquisition.

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New Delhi: Indian conglomerate Essar threatens legal action against Vodafone over Bharti deal.

According to an article in The Times UK, Ruias believed to be upset over not being consulted on Bharti deal. Ruias also unhappy that Vodafone is treating the acquisition as a done deal.

Essar says awaiting official communication from HTIL, will evaluate options in coming weeks.

Quoting unnamed sources, The Times reported that Essar is concerned over Vodafone's move to forge ahead with plans like network sharing without consulting it first.

The Times also reported sources close to the group as saying Essar was unhappy about the way Vodafone was treating the acquisition as a done deal when their position is yet to be resolved.

When contacted, an Essar Group spokesperson told PTI from Mumbai that "Essar is awaiting an official communication from Hutchison relating to Hutchison's proposed agreement to sell its stake to Vodafone as reported."

"On receiving the same, Essar will evaluate all its option in the coming weeks and will take necessary steps in the best interest of the company," he added.

The plan to share network with India's leading mobile player Bharti Airtel was central to Vodafone's strategy to maximise returns from Hutch-Essar, The Times report said.

Essar is yet to decide whether to sell out of the venture or accept Vodafone's offer of a partnership.

With Agency inputs