As Vodafone started examining the books of Hutch-Essar, its existing partner, Bharti Airtel, has not been approached by anyone to buy out the British telecom firm's stake in the company.
"It is too early. First, they have to finish their things (such as due diligence)," Bharti Group chairman Sunil Mittal told reporters when asked whether any other company has expressed interest in Vodafone's stake in Bharti Airtel.
Asked about the valuation of Hutch-Essar, Mittal said, "the value that is being talked about is not cheap."
Vodafone, which has about 10% stake in India's largest mobile operator Bharti Airtel, had begun studying the books of Hutch-Essar yesterday.
Besides Vodafone, Reliance Communications, Essar and Hindujas are also in the race to acquire Hutch-Essar, the country's fourth largest cellular operator.
