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Vodafone to take control in Hutchison Essar

By Staff
Google Oneindia News

New Delhi, Mar 15: British telecom giant Vodafone Group Plc will take operational control in its joint venture with the Essar Group, which owns 33 per cent in India's fourth largest telecom company Hutchison Essar.

''The Ruias-owned Essar Group will continue to be a 33 per cent shareholder in Hutchison Essar which will be renamed as Vodafone-Essar,'' sources said.

The telecom giant in a statement said Essar would have an option to sell its 33 per cent shareholding in Vodafone Essar to Vodafone for five billion dollars.

Vodafone Chief Executive Officer Arun Sarin and Essar Group Vice Chairman Ravi Ruia today met the IT and Telecom Minister Dayanidhi Maran and are understood to have briefed him about future plans of their JV.

The two also met the Union Minister for Commerce and Industry Kamal Nath here.

Last month, the UK giant had clinched a deal to acquire 67 per cent controlling stake in Hutch-Essar from Hong Kong based Hutchison Telecom International.


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