Essar to continue in Hutch-Essar: Ravi Ruia

Essar, the 33% stakeholder in mobile JV firm Hutch-Essar, today said it would stay put and run the business along with new majority partner Vodafone.

"We are not going to exit the business. We will run it together," Ravi Ruia, Vice Chairman, Essar Group, said after a meeting with Vodafone CEO Arun Sarin, that exceeded two-and-a-half hours.

The Vodafone chief said he respects Ruias-promoted Essar as partners and "will take the business forward together." "I know Ruias form long ago i respect their partnership. They have created value in the business. We are now trying to iron out issues and will take the business forward together," he said.

The comments follow extensive discussions between the Vodafone team and the Ruia family led by Essar Group Chairman Shashi Ruia.