There are indications that Vodafone is already in touch with Essar, but it could not be confirmed from either side.
While an Essar spokesperson refused to comment, saying it was "speculation", Vodafone officials could not be contacted. Essar is holding its cards close to chest on whether it would sell its 33 per cent stake in the joint venture with Hong Kong-based Hutchison Telecom International Ltd or be open to forge alliance with any of the international players.
Besides Vodafone, Maxis of Malaysia and Egypt's Orascom are also being said to be interested in the acquisition race. In fact, Orascom CEO N Sawiris had last week confirmed that he was interested in picking up a direct stake in Hutch-Essar, provided there was more clarity on government's FDI policy.
In case Essar decides to hold on to its shares in the JV, then foreign players would have the advantage in joining hands with the Indian corporate as such a scenario would virtuallyhave no regulatory hurdle.
But this could possibly put pay to the hopes of Anil Ambani group company RCL, which is believed to have tied up with four US private equity funds for acquiring Hutch-Essar.
Sources said Reliance Communication would be interested in the venture only if Ruias' of Essar decide to exit in favour of the ADAG company.
