Hutch-Essar: Hindujas, Banco Santander in tie-up

NRI businessmen Hindujas today began studying the books of Indian mobile firm Hutch-Essar for which they are understood to have roped in leading Spanish Bank Banco Santander for financing the multi-billion dollar deal.

Ashok Hinduja, executive chairman, Hinduja TMT, said: "the due diligence has started already and since it is a very big deal, (for) how many days it will continue can only be known during the week. Our professional team is at the job".

According to sources, Fox Mandal, one of the country's oldest and largest full service legal organisation is the legal adviser to the proposed exercise for the Hindujas, while US based company Deloitte and Touche has been appointed as adviser.

Private bank Banco Santander's  network of branches, stakes in other banks and takeovers extend well beyond the Spanish borders to Portugal and Britain.

Hinduja, however, declined to disclose the composition of its professional team that would scrutinise Hutch-Essar's books, saying there is a non-disclosure agreement with the partners.

The company has put together a team of 30 professionals of legal, accounting and financial advisers.

Hindujas were to undertake due diligence on January 24, which could not take place as other suitors had not completed the exercise then.