Hutch asks suitors to submit bids by Friday

The race for Hutch-Essar, the country's fourth largest mobile service provider, quickened today with Hong-Kong based Hutchison Telecommunications International Ltd (HTIL) formally informing the four companies in the fray to submit their bids by Friday.

The groups that have expressed an interest in picking up the 67 per cent stake owned by HTIL and its associates include Reliance Communications, British telecom major Vodafone, the Ruias of Essar (who also hold a 33 per cent equity stake in the joint venture) and the Hindujas.

When contacted, a Hutchison spokesperson in Hong Kong declined comment on whether a deadline had been fixed for placing bids or if any of the suitors had already placed a bid. But sources close to the development say the four companies are expected to submit their bids only on the last day. Hutchison has not fixed a base price for the bidders.