Hutch-Essar: Hindujas' due diligence tomorrow

NRI businessmen promoted Hinduja Group will start studying the books of Indian mobile firm Hutch-Essar tomorrow, trying to keep pace with other suitors who have either completed or are about to complete due diligence.

Hinduja TMT executive chairman Ashok Hinduja said: "Our due diligence would start on February 5." While Hutch-Essar's Indian partner Essar is through with confirmatory diligence of the company, Reliance Communications is in the process and British telecom giant Vodafone just weeks away from announcing a formal bid.

However, sources associated with the process said a decision on the sale of Hong Kong-based HTIL's 67% stake in Hutch-Essar is unlikely before March.

By all signs and indications, it is going to be March, said a source with one of the potential bidders.

Though keen on acquiring the mobile venture, the suitors are unlikely to fuel a bidding war. Vodafone CEO Arun Sarin had said during his visit to India last month that the company not pay "over the top" in the multi-billion-pound battle.

Sarin had told analysts on January 31 that final bids in the auction to win control of India's fourth biggest mobile operator were still "weeks away" and that the probability of Vodafone's success remained "very hard to call".