The Delhi high court directed the Centre and Foreign Investment Promotion Board on Friday to complete within two months, an inquiry into Hong Kong-based Hutchison Telecom allegedly holding more than the permissible 74 per cent stake in Hutch-Essar.
Hutchison Telecom International Ltd will convene an extraordinary general meeting of the shareholders on March 9 to vote on sale of its controlling stake in Indian mobile operator Hutch-Essar to UK mobile phone giant Vodafone.
British telecom giant Vodafone on Wednesday ruled out any higher offer for buying out Essar's 33 per cent stake in mobile venture Hutch-Essar, saying it would be same as that for Hutchison Telecom's stake.
Prospective suitors for the 67 per cent Hutchison stake in its Indian operations are likely to submit their bids by mid-night in Hong Kong, which could include a fifth player - Altimo of Russia - in the fray.
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 for a possible bid.
Arun Sarin is the chief executive officer of Vodafone Group Plc, the United Kingdom-based global mobile operator.
Reliance Communications has sought government approval for sponsoring a secondary Global Depository Receipts offering of up to $1.2 billion, representing 6.53 per cent of the total paid-up equity shares of the company.
Ruias have rights to tag along with Hutch in any sale.
Bharti Airtel will start talks for "disengagement" from its partner Vodafone once the UK company decides on its future course of action in India.
Hindujas have virtually decided to sell their 5.1 per cent stake in mobile company Hutch-Essar to Hong Kong-based Hutchison Telecommunications International Ltd for an estimated value up to $450 million (Rs 20.25 billion).
Reliance Comm wants all of Hutch Essar at one go.
Naguib Sawiris, CEO of Orascom, which is open to acquire Hutch-Essar, said during his India visit that "they (Essar) felt bad because they thought they were not consulted before (the Egyptian firm) came on board.
The British mobile phone operator was widely expected to go for an international arbitration after its talks with the Indian government failed to find a solution last year.
This delay was a result of controversies over a 15 per cent holding by Hutchison-Essar Managing Director Asim Ghosh, healthcare major Max's Analjit Singh and financial institution IDFC.
Siemens has inked an agreement with Hutchison Essar for its music download technology Music2You. the latter will enable full-length songs to be previewed and downloaded on its handsets.
Sterling Infotech Group and Hutchison Essar Group have terminated the agreement, which contemplated acquisition of Sterling's Aircel and Aircel Cellular by Aircel Digilink India, a part of the Hutch Group.
Piraml will sell of its entire 11 per cent stake in Vodafone india.
Shareholders of Hutchison Telecom would on May 8, vote on a proposal to pay Essar group $415 million to ensure smooth transaction with UK's Vodafone for sale of majority equity in Hutch-Essar.
The Essar group-owned BPL Mobile is believed to be seeking an extension to use the 'BPL' brand name that is owned by Bangalore-based industrialist TPG Nambiar
Hindujas had put in a bid of $20 billion -- higher than Vodafone's bid of $19.3 billion.
In a major outsourcing deal, Nokia has bagged an order to manage Hutch-Essar's mobile network in nine circles for five years
World's second largest mobile operator Vodafone Plc of UK on Tuesday sought FIPB approval to invest Rs 10,141 crore (Rs 101.41 billion) in raising its stake in the Indian arm to 100 per cent.
The Hong Kong-based Hutchison Telecommunications International would record a profit of around HK$70 billion, once the sale of 67 per cent stake in Hutch-Essar is completed.
When Ernst & Young got the mandate from Vodafone late last week to carry out a due diligence on Hutchison-Essar Ltd, it was another feather in the cap for Rajiv Memani.
The Hinduja Group on Friday said it is likely to start examining the books of Hutchison Essar Ltd next week and has arranged funds for a possible bid to acquire a controlling stake in the mobile firm.
Gammon India and L&T were the only bidders left in the fray for the project
AAI funds for smaller airports: Patel
Hong Kong based Hutchison Telecommunication along with some other investors are believed to have signed the deal to buy out a 5.11 per cent stake of Hinduja TMT in the unlisted Indian cellular company Hutchsion Essar.
Hutchinson Max Telecom Pvt Ltd is planning to consolidate its various telecom operations in India under a single entity, including that of Hutchison Essar Telecom Ltd and Fascel Ltd, for which the company has filed an application with FIPB.
Needed: Customer Relation Advisors at 3 Global Services, A Hutchison Whampoa Company.
India's telecoms regulator must guard against overly aggressive price-cutting in the nation's fast-growing telephone industry, a key policy maker said on Thursday.\n\n
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