Hutch Essar

  • No rash action in Vodafone case: Chidambaram September 3, 2012

    New Delhi: Finance Minister P Chidambaram on Monday said there will be no "rash" action in Vodafone tax case and the matter will be decided after considering all aspects including recommendations the Shome Committee on indirect transfer of assets. "They (I-T assessing officers) and are not going to act rashly. These...
  • Lookahead: What's making news June 20, 2007

    Hutch-Essar Board Meet will be held to expand its network in India; the ongoing war between Ramadoss and Dr Venugopal, a governor body meeting will be held at AIIMS; new Goa speaker to be elected. Hutch-Essar Board Meet:Vodafone CEO Arun Sarin will attend the first Board meeting of Hutch Essar Ltd,...
  • Vodafone completes Hutch acquisition June 20, 2007

    London/New Delhi: British telecom giant Vodafone on Wednesday said it has completed the acquisition of controlling stake in Hutchisson-Essar Ltd while paying a less amount at $10.9 billion as against $11.8 billion announced earlier. The less payment of $0.9 billion includes provisions for the previously announced settlement agreement with the Essar...
  • Vodafone gets a clean chit by DoT April 4, 2007

    New Delhi: The telecom ministry has given a clean chit to Vodafone on the Hutch-Essar deal, saying that no licencing condition was violated by the company. However, the final call rests with the Foreign Investment Promotion Board (FIPB), which is likely to take a decision during the next meeting scheduled on...
  • Vodafone consults Mathur, to meet FIPB June 19, 2007

    New Delhi: Vodafone director Mathew Kirk on Wednesday met Telecom Secretary Dinesh Mathur, just a day before the meeting of Foreign Investment Promotion Board (FIPB) that would take up sale of stake in Hutch-Essar to Vodafone. The FIPB will look into the veracity of allegations of breach of FDI norms in...
  • India to be Vodafone's largest mart June 18, 2007

    New Delhi: After Vodafone's multi-billion dollar bet on India through its acquisition of Hutch-Essar, analysts predict that the country could emerge its largest market within one year. India is likely to soon surpass Germany and US as Vodafone's biggest market in terms of subscribers. However, the company might fail short of...
  • It's a deal: Vodafone takes over Hutch June 17, 2007

    New Delhi: British mobile giant Vodafone reached an agreement on the management and organisational issues with Indian mobile firm Hutch-Essar on Thursday. While announcing the terms and conditions of partnership with Ruias-promoted Essar, Vodafone CEO Arun Sarin said the new venture will be called Vodafone Essar. The operational control of Hutchison Essar,...
  • Vodafone, Essar all set to ink deal June 17, 2007

    New Delhi: Bridging the differences on management structure and ownership issues, UK telecom giant Vodafone and Indian conglomerate Essar would most likely ink a deal in the next two-three days for jointly running India's fourth largest mobile firm Hutch Essar Ltd (HEL). Arun Sarin, CEO of Vodafone, which successfully bid for...
  • No objection to Hutch deal: DoT June 20, 2007

    New Delhi: The Communication Ministry is understood to have no objection to Vodafone's proposed acquisition of equity in Hutch-Essar and feels the Finance Ministry is best equipped to look into FDI aspects in the deal. DoT is believed to have communicated these views to the Foreign Investment Promotion Board (FIPB). DoT...
  • HC orders probe into FDI in Hutch-Essar June 20, 2007

    New Delhi: The Delhi High Court on Friday directed the Centre and Foreign Investment Promotion Board (FIPB) to investigate whether there are any violations in FDI norms and/or economic transaction laws in Huth-Essar share holding. The court has also asked the Board to submit the inquiry report in two months on...
  • Big deal over Essar-Vodafone deal June 19, 2007

    New Delhi: After the $11-billion deal, Hutchison International and Vodafone are making sure they don't trample on each others toes - at least for now. The two sides have signed a three-year non-compete pact. At the Hutchinson EGM on March 9, the company expects to get shareholder approval for selling...
  • Essar seeks 'partnership of equals' June 21, 2007

    New Delhi: The Essar Group on Monday raised its stakes, claiming "partnership of equals" with Vodafone and joint management in Hutch-Essar. The Ruias, who owns the Essar Group, had last week announced that the group was not going to exit the business and that it was ready to do business with...
  • Ruias, Vodaphone ring in new partnership June 20, 2007

    New Delhi: The Ruias got roses and how! The CEO of Vodaphone, Arun Sarin delivered them to their doorstep himself. Of course wooing the Ruias - 33 per cent stakeholders in mobile firm Hutch-Essar - was not the only reason why Sarin was there. He was also trying to iron out...
  • Sarin goes to Ruia villa to woo them February 15, 2007

    New Delhi: Vodafone CEO Arun Sarin not only delivered roses to the Ruias on the Valentine's Day, he landed right at their doors on Thursday in his efforts to woo the Essar Group to ensure smooth sailing of mobile venture Hutch-Essar, where the UK company is acquiring the majority stake. After...
  • We want Ruia's support: Arun Sarin February 15, 2007

    New Delhi: After winning the Hutch Essar Limited for $19 billion, UK telecom giant Vodaphone’s CEO Arun Sarin seems confident he will be able to win Ruias—the 33 per cent stake holders of Essar who went sour after the deal got struck. Sarin is likely to meet the Essar Group top...
  • Vodafone deal not really 'cheap' February 15, 2007

    New Delhi: Was Vodafone's $11.1 billion acquisition of the Hutch stake at Hutch-Essar an economical deal? Not really, says global rating agency Fitch. The agency on Wednesday said the deal has not come at a cheap price to UK's mobile giant. "The acquisition is not cheap (for Vodafone) on valuation basis,"...
  • Roses for Essar, with love Vodafone! June 20, 2007

    New Delhi: The battle of corporate telecom giants acquired a hint of Gandhigiri on Wednesday with Vodafone chief executive Arun Sarin promising to send roses to estranged Indian partner Essar Sarin hoped Ruias will choose to stay invested in the Hutch-Essar mobile telecom venture and said he will make all...
  • Vodafone CEO rings in Hutch deal June 20, 2007

    New Delhi: Amid speculations on what will be the fate of Essar after British giant Vodafone acquired Hutch-Essar with a $ 11.1 billion bid, Vodafone CEO Arun Sarin visits India on Wednesday to pursue the completion of the deal. During his visit, he is expected to hold meetings with the...
  • Anil starts bid effort for HEL, meets FM June 16, 2007

    New Delhi: As a part of the due diligence process for Hutch-Essar, Reliance Communications Chairman Anil Ambani on Thursday met Finance Minister P Chidambaram and senior DoT officials. Even as his company started examining the books of Hutchison Essar Ltd (HEL) for a possible bid, Anil met the Financial Minister most...
  • Vodafone open to partner Essar for HEL June 16, 2007

    New Delhi: Expressing its willingness to partner Ruias-promoted Essar in the venture, Vodafone CEO Arun Sarin on Wednesday said the company will make a bid in the next few weeks for all available stake in Hutch-Essar. When asked whether Vodafone would join hands with Ruias-promoted Essar in the event of the...
  • Vodafone chief arrives for Hutch-Essar June 16, 2007

    New Delhi: In order to step up diplomatic pressure, Vodafone CEO Arun Sarin arrived in Delhi on Wednesday early morning to meet top Government leaders. Sarin will try to garner Government support for its bid for Hutch-Essar stake. He is expected to meet Prime Minister Manmohan Singh and Commerce Minister Kamal...
  • Hutch-Essar bid war turns political June 16, 2007

    New Delhi: Egyptian telecom giant Orascom, has said that it is still in the race to acquire Hutchison Essar, although it is yet to make a firm bid. The Egypitan government has also written to the Indian government seeking clarity on its stand. Meanwhile European rival Vodafone too is upping the...
  • Reliance has $17 bn Hutch-Essar pledges June 16, 2007

    Mumbai: Reliance Communications Ltd has received commitments of $2 billion from private equity firms for a bid for Indian mobile operator Hutchison Essar, and $15 billion from banks, a newspaper said on Saturday. In return, the four private equity firms were seeking 10-12 per cent of Hutch-Essar in the event...
  • Hindujas optimistic about Hutch-Essar June 16, 2007

    New Delhi: Claiming to have received favourable response from the joint venture's foreign partner Hutchison Telecom (HTIL), the new suitor for Hutch-Essar – Hinduja Group is expecting a decision by the end of this month. PTI quoted Hinduja Group President Gopichand Hinduja as saying "We have received a favourable response...
  • Vodafone officials meet DoT officials June 15, 2007

    New Delhi: In a latest development in the corporate world's race for telecom provider Hutch, top Vodafone officials Mathew Kirk and Neil Gough have met department of telecom officials for discussions related to the Hutch-Essar takeover. The Vodafone officials met the Telecom Secretary Dinesh Mathur and made a presentation about the...
  • Reliance joins battle for Hutch-Essar December 28, 2006

    New Delhi: For the first time Anil Ambani has made very public his intentions for buying Hutch Essar. He said that the acquisition would gel well with Reliance's operations. With this declaration of Anil, Reliance on Thursday formally joined the battle to acquire India's mobile major Hutch-Essar. Reliance Communications is now pitted...
  • Vodafone submits Hutchison Essar bid December 28, 2006

    New Delhi: UK-based Vodafone, the world's largest mobile phone operator, and India's Essar all set with their offers to acquire Hutchison Telecom's stake. The bid war for Indian mobile operator Hutch-Essar is valued up to $18 billion. A British media reported, quoting unnamed sources, that the two suitors have made their...
  • Vodafone eyes $13.5 bn bid in Hutch December 22, 2006

    New Delhi: British telecom giant Vodafone, announced plans to acquire a controlling stake in India's fourth-largest mobile operator Hutch-Essar. Vodaphone has made it mandatory for Swiss banking major UBS to advise on the deal. "UBS are our advisers (on this deal) and have been advisers on a substantial number of...
  • Essar gains from Hutch-Essar bid race December 21, 2006

    New Delhi: The Indian partner Essar finds itself in an enviable position from the race among global and domestic giants for acquiring mobile player Hutch-Essar without any formal bid. Essar is now in an unassailable position of deciding whether to exit or stay put – a decision that would decide the...
  • Vodafone to discuss Hutch-Essar bid December 21, 2006

    New Delhi: The Board of Britain's telecom giant Vodafone Group Plc is set to meet on Thursday to consider a proposed $13.5 billion-plus offer for Hutchison Essar, said Financial Times in a report. "Vodafone's Board is set to meet on Thursday to consider a proposed $13.5 billion-plus offer for Hutchison Essar,"...