The board of Hutch Essar, India's fourth-largest mobile firm that is believed to have generated interest among domestic and global players, met in Mumbai on Friday.

News of the meeting triggered fresh speculation about the purpose, but sources in the know said it was a routine board meeting of the joint venture on its operations.

The Hutch Essar board is understood to have discussed the financials as well as operations of the company for the third and the last quarter of 2006-07.

The JV, where Hong Kong-based Hutchison Telecom International Ltd has 67 per cent and Indian partner Essar the remaining 33 per cent, is being valued at up to $17 billion by sources associated with various aspirants.

British telecom giant Vodafone and India's second-largest private mobile player Reliance Communications [Get Quote], besides Malaysia's Maxis are reported to have evinced interest in acquiring Hutch Essar.

The JV has presence in 16 circles with a subscriber base of close to 19 million. Besides, it has obtained letters of intent for seven more circles, which would spread the company's presence across India.

Although the meeting came in the backdrop of ongoing developments for its reported takeover, it is learnt that the purpose of the board was only to discuss operational aspects.

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