Don’t miss the latest developments in business and finance.

Hutch-Essar: Hindujas bid with Qtel, Altimo

Image
Press Trust of India London/Mumbai
Last Updated : Jan 25 2013 | 2:28 AM IST
 Hindujas have already submitted a binding bid for acquisition of a controlling stake in India's fourth largest mobile player, and, contrary to speculations, have not sought any extension for making its offer, sources close to the development said.

 They discarded the suggestion that the Hinduja-led consortium had put up a non-binding bid while seeking some more time for a firm offer.

 The bid from Hindujas, as also from Reliance Communications, Essar and Vodafone, are expected to be considered tomorrow by the board of Hong Kong-based Hutchison Telecom International (HTIL), which has put its 67% stake on the block.

 Spokespersons from Hindujas, Qatar Telecom or Altimo could not be contacted for comments.

 Various reports had suggested that Hindujas had sought a day's extension from HTIL for submitting its bid as it was still in the process of completing due diligence for a possible deal.

 According to merchant banking sources, HTIL's board of directors is scheduled to discuss various bids, including that of the Hindujas, tomorrow.

  

Also Read

First Published: Feb 10 2007 | 5:26 PM IST

Next Story