"UBS are our advisers (on this deal) and have been advisers on a substantial number of transactions for Vodafone," a company spokesperson told PTI.

Although the spokesperson did not divulge details, investment banking sources close to the development said that UBS is involved in the evaluation of Hutch-Essar as well as other financial aspects of the deal.

Vodafone is also believed to be in talks with various other banks to help in raising funds for a possible acquisition of Hutch Essar. However, no final outcome is expected very soon, since there are various potential bidders from across the world, as was confirmed by Hutchison Telecom International Ltd.  Hong Kong-based HTIL said it has been approached by various parties for acquisition of its Indian venture.

Vodafone also declined to comment on whether it has approached the Indian partner Essar in the target company for taking them into confidence. "We are at an early stage in this process and cannot speculate on timing (of the deal)," the spokesperson added.

UBS, the world's largest wealth manager, is also believed to be involved in fund raising for another potential bidder Reliance Communications [Get Quote]. The Indian firm is yet to formally announce its approach for Hutch-Essar, whose valuation is being estimated at up to $17 billion (Rs 76,500 crore).