The operator was acquired four years earlier by Essar, when the latter had more telecom ventures, such as the 33 per cent stake in Vodafone Essar, and also owned telecom towers.
Essar Global Fund, the Ruia company that invested $1.3 billion in telecommunications, towers and business process outsourcing over the years, made $6.5 billion, a five-fold return, when it flipped these businesses, according to discussions the group has had with merchant bankers.
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