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 company's plans in the country.
Vodafone, which has about 10 per cent stake in the country's top mobile operator Bharti Airtel, wanted to know the latest position of the government on foreign investment.
However, the meeting assumes significance in the backdrop of Vodafone's interest in acquiring India's fourth-largest mobile firm Hutch Essar and the delay in finalising the FDI guidelines.
The government has extended the date for meeting the revised FDI norms till April two, 2007, to reach a consensus with intelligence agencies on the crucial remote access issue.
Earlier in the day, the Hinduja group said on Thursday that it was interested in buying a stake in mobile phone operator Hutchison Essar Ltd, but was unlikely to settle for anything less than 51 per cent.
Hutchison Essar, India's fourth-largest mobile phone firm, is 67 per cent owned by Hong Kong's Hutchison Telecommunications International.
The other 33 per cent is controlled by Essar, a steel-to-shipping group controlled by the Ruia family, which itself is reported to want to buy some or all of the firm.
Hutchison has said it has received proposals to buy its stake but has not given details.
Comments
0 comment