In a major bid to consolidate its position in the telecom sector, Essar group today acquired a controlling stake in BPL Communications for over Rs 4,400 crore - making it one of the largest acquisitions in the sector.BPL Mobile CEO Rajeev Chandrasekhar said that he and co-investors sold 64% stake in the venture.The agreement was signed after highly competitive bidding by seven to eight foreign players besides some very keen domestic players in the field, BPL Mobile officials said."This could perhaps be one of the last leg of major consolidations in the sector," Chandrasekhar said.Explaining the choice of Hutch-Essar, he said: "The decision was partly emotional and partly rational. The group does not currently have a presence in Maharashtra, Tamil Nadu and Kerala, and hence the entire acquisition process fitted in perfectly well. I strongly believe that the decision was in the best interest of the customers and team members of BPL Mobile that made me decide in favour of Essar," he said.
