<b>Hutch-Essar:</b> Sarin open to Rel Comm tie-up

In its quest for India's fourth largest mobile player Hutch-Essar, UK telephony giant Vodafone today said it is keeping open all its options, including partnering some of the other key suitors.

"We are a partnership kind of people, we are open to everything," Vodafone CEO Arun Sarin said today to a specific question on whether the company was open to partnering Anil Ambani Group company Reliance Communications (Rel Comm) in its bid for Hutch-Essar (HEL).

Sarin had yesterday described Hutch-Essar's 33% stakeholder Essar as good partners and expressed readiness to join hands with it too.

Incidentally, Rel Comm chief Anil Ambani, who was on Wednesday authorised by the company's board to take all necessary steps to pursue HEL, is in the national capital.

However, it was not clear if at all the two business leaders would meet.

Shashi Ruia, chairman of Essar Group, was in the national capital yesterday coinciding with Sarin's visit. Both Ruia and Sarin had separately called on Finance Minister P Chidambaram and Communications Minister Dayanidhi Maran.

The bankers of Ruias-promoted Essar, which is understood to be keen on bidding for the 67% stake of its foreign partner Hutchison Telecommunications International (HTIL), had yesterday started 'confirmatory diligence' of HEL, while Rel Comm began studying HEL's books today.

Sarin said Vodafone, which started studying the books of its takeover target early this week, would complete the exercise in a couple of weeks and a formal bid could be submitted in the next few weeks.