Ghosh will continue his role in Hutchison Essar: Sarin

New Delhi, Feb 14 (UNI) Hutchison Essar CEO Asim Ghosh will remain the company chief after Vodafone assumes majority control of the India's fourth largest mobile operator.

'''We want the Essar Group to continue. Mr Asim Ghosh, the current head of Hutchison Essar, is a very good CEO and a very good leader. He founded the firm. We are very happy with him.

He will continue in that role,'' Vodafone CEO Arun Sarin told reporters here.

Commenting over Essar, Vodafone Chief also said the Essar group -- which holds 33 per cent stake in Hutchison Essar -- does not have the right of first refusal over its deal to buy a controlling stake in the latter.

Essar owns a third of the country's mobile operator, has for long claimed rights of first refusal in any stake sale in Hutchison Essar.

The transaction is expected to be completed in about two months time, including obtaining all regulatory approvals.

Telecom penetration in India at present stands at 14 per cent, Mr Sarin said, adding that his company intends to make Hutch-Essar the country's number one player with a target of 100 million customers over the next few years.

Currently, Hutch-Essar has a subscriber base of 23 million with one million subscribers added every month.

''We are committed to India's vision of 500 million subscribers by 2010. For this we want Essar's participation. Hutch-Essar will reach the 35 million mark within one year,'' Mr Sarin said.

Vodafone had bid 11.1 billion dollars for the Hong Kong-based Hutchison Telecom's (HTIL) 67 per cent stake in the mobile venture, it actual stake acquisition would be only 52 per cent as the remaining 15 per cent is held by minority Indian shareholders who have opted to continue as partners.

UNI