<b>Hutch-Essar:</b> Hindujas' due diligence next week

The Hinduja Group today said it is likely to start examining the books of Hutchison Essar next week and has arranged funds for a possible bid to acquire a controlling stake in the mobile firm.

"We are in the process to start the due diligence. Once other players finish the due diligence of HTIL's book, our process is likely to start next week", A K Das, vice-chairman of the group, said.

While British telecom firm Vodafone is understood to have finished its due diligence, Essar's bankers and Reliance Communications have completed the first round of their exercise.

Das said the decision and timing of the bidding would depend on information coming out of the due diligence.

"Once the book reading is complete, the bidding should happen this month only. It does not look like to go past this month," he said.

Das said Hindujas are a global company and the necessary funding for the acquisition is in place.

"Whatever needs to be done for funding, all are in place... It could be a mixture of debt and equity.. It is all organised", he said, adding funds were not a concern.

IndusInd Investment is the advsior to the Hindujas.

Asked whether they were interested in acquiring 100% stake in HEL or just the 67% offered by HTIL, he said: "Whatever is on offer from HTIL, we are interested... Which could mean 67%".