Hutch-Essar: Vodafone valuation at $17-18bn

Vodafone, the world's largest mobile phone operator, has submitted an offer valuing the Hutch-Essar JV at $17-18 billion, the Financial Times reported.

No comments could be ascertained from Vodafone, Essar and Hong Kong-based Hutchison Telecom International.

The Indian media had reported on the valuation of Hutch-Essar following an interview of Hutchison Whampoa's finance director Frank Sixt who said the group would not entertain any offer below $14 billion. This was construed by many as the valuation of HTIL's 67% stake in Hutch-Essar, thus pegging the enterprise value of the joint venture at $21 billion.