New Delhi: The race to acquire Hutch's stake in Hutch-Essar is hotting up. Suitors for the 67 per cent Hutchison stake are likely to submit their bids by mid-night in Hong Kong. This might include a fifth player -- Altimo of Russia -- in the fray.
According to sources Altimo has tied up with Rothschild as advisor and Nomura of Japan as their financier.
After months of waiting, Hutchison Telecom International had asked all the interested parties to submit their bids by tonight.
Sources close to development said the bid amount could be between $18-$20 billion.
Recently Reliance Communication and Vodafone had said that they would be conservative while bidding for Hutch's stake.
It is expected that the players - Vodafone, Reliance Communications and Essar - will submit the bids at the final hours.
However, all of them maintained silence on their bid plans except stating that they are ready with their offers and will submit when required.
There are atleast four players, including the UK-based Vodafone, NRI Hindujas and Indian entities Reliance Communications and Essar (Indian partner in Hutch-Essar JV with a 33 per cent stake), who have evinced interest in buying HTICL's 67 per cent stake.
Meanwhile, Hindujas still to complete the due diligence process and is expected to complete the exercise next week.
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