Reliance Comm's board approves bidding for Hutch

New Delhi, Jan 10 (UNI) ADAG Group's Reliance Communications' board today cleared the proposal to bid for Hutch and approved raising up to one billion dollars in the international market.

At its meeting, the board of directors reaffirmed its interest in the ''potential opportunity relating to the business of Hutchison Essar'' to become the largest GSM operator in the country.

Hutchison Essar is fourth largest GSM operator in the country.

The board also authorised Chairman Anil Ambani to take all necessary steps for this purpose, including raising long term resources in the form of external commercial borrowings (ECB).

''The FCCBs will be issued in one or more tranches at a premium to the market price of the equity shares of the company,'' a statement from Reliance Communications statement said.

UNI