Five months before the put option window closes, JP Morgan has come out with a report stating that Essar's stake in Vodafone Essar is around $2 billion, which is far less than what the shareholder agreement between the two companies in 2007 envisaged.
Under the 2007 agreement between Vodafone and Essar, the latter has a put option of divesting its stake in the telecom venture.
Ruias to challenge Vodafone's put option, continue reverse-listing plan.
Earlier, Registrar of Companies had approved the change of name of cellular major Hutch Essar to Vodafone Essar following the British mobile major's acquisition of controlling stake in the joint venture in May.
Company also called for clarity on jurisdiction and role of the TRAI and TDSAT.
The UK-based telecom major is looking at single name branding of its Indian joint venture firm, Vodafone-Essar (formerly Hutchison-Essar).
Announces 50% cut in prepaid monthly recharge.
Pays $640 million, may exit when Vodafone lists its India operations.
Announces 50% cut in prepaid monthly recharge.
British giant Vodafone and Indian conglomerate Essar group reached an agreement on Thursday for jointly running India's fourth largest mobile firm -- Hutch-Essar, which would be rechristened Vodafone Essar.
As a prelude to a new partnership agreement, senior Vodafone and Essar executives have held joint meetings with officials in the government, including the finance ministry.
UK telecom giant Vodafone has alleged that its Indian joint venture partner, the Essar group, may be involved in violation of insider-trading regulations. The dispute between the two came into the open after Essar proposed a reverse merger of group company Essar Telecom Holdings (ETHPL) into listed entity Indian Securities (ISL).
Fair valuation of minority stake in joint venture at core of dispute; different worth of shares in two Essar entities a thorny issue.
Essar wants reverse merger of Essar Telecom Holdings Ltd into its listed group firm, India Securities Ltd.
The company also that final settlement is anticipated to be completed by November, 2011.
Last week, Essar had decided to prepay $900 million of this debt to foreign lenders.
Essar will have to pay capital gains tax, as the company will be gaining from the deal.
Ruias-led Essar Group on Friday launched a scathing attack on Vodafone saying that the British company is trying to gain 100 per cent control of the telecom JV Vodafone-Essar at an "artificially depressed value".
The dispute between Vodafone and the Ruia-owned Essar Group, its 33 per cent partners in Vodafone-Essar, over ownership of BPL Mobile deepened this week after the UK-based telecom major alleged that Essar had altered the share structure of the Mumbai service provider in violation of a 2006 agreement
The country's second largest cellular services provider, Vodafone Essar, on Friday announced reduction in international roaming rates for its postpaid customers traveling to South Africa during the IPL Twenty20 cricket tournament beginning on Saturday.
Vodafone Essar on Thursday said it has crossed the 100-million subscriber mark in India, becoming the third mobile operator in the country to do so after rivals Bharti Airtel and Reliance communications.
The UK group bought a 52 per cent stake in the Indian company in May, which is now called Vodafone Essar. Mumbai-based Essar Group owns 33 per cent, with Asim Ghosh, Vodafone Essar managing director, and Indian businessman Analjit Singh owning the remaining 15 per cent.
Global telecom major Vodafone's minority partner in India, Analjit Singh, may take over as the chairman of the group's Indian operations, after Essar group exits the venture.
'Zoozoos', a new innovative concept from mobile service provider Vodafone Essar is on its way to capture hearts of millions of viewers similar to that of 'Hutch dog'.
The board of GSM service provider Vodafone-Essar is expected to discuss the income tax issue at its meeting to be held on Friday.
Vodafone Essar seeks withdrawal of show cause notices, as according to the company no licenced condition has been breached.
Bombay High Court will hear Vodafone Essar's case on tax for 10 working hours from March 10.
The deal is designed to boost efficiency and further enhance customer service and aims to ensure scalable, flexible and resilient IT support for the fast-paced roll out of new network infrastructure to keep up with the rapid growth in Vodafone Essar's customer base.
The clarification comes a day after Vodafone signed a shareholders' agreement with the Essar group.
Ahead of discussions with Vodafone, Essar on Monday said it wanted 'partnership of equals' and 'joint management' in the country's fourth largest mobile venture Hutch-Essar, in which the UK giant is taking a majority stake.
Former managing director of Vodafone Essar, Asim Ghosh, is in talks with Max India founder and chairman Analjit Singh to sell his 2.39 per cent stake in the mobile phone operator. Ghosh holds the stake in Vodafone Essar indirectly, through various holding companies. Analjit Singh was the original promoter of the company.
Piramal-led company had announced the purchase of a 5.5 per cent stake in Vodafone Essar for $640 million.
Apple's iPhone, the touch screen handset that acquired a cult status in the United States and other Western countries, will be available to Indian mobile users through private telecom operators Bharti Airtel and Vodafone Essar from August 22, giving competitors like Nokia, Samsung and others a run for their money.
Vodafone, which acquired controlling stake in India's Hutch Essar, will bring its brand to the subcontinent later this year, the company's chief executive officer Arun Sarin has said.
Vodafone chief executive Arun Sarin has arrived in the country to attend Hutch-Essar's board meeting slated to take place on Friday.
Hutch's migration to the Vodafone brand became complete on Wednesday, but the pug that made the mobile company ever so popular with the masses will remain.
Vodafone recently bought the 67 per cent stake held by Hutchison. The remaining equity is held by the Ruias.
Vodafone CEO Arun Sarin is expected to visit India next month to reconstitute the board of Hutch Essar, which would be renamed as Vodafone Essar.
Essar Communications mandates four international banks to arrange a fully-underwritten $3.59 billion term loan
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