New Delhi: Expressing its willingness to partner Ruias-promoted Essar in the venture, Vodafone CEO Arun Sarin on Wednesday said the company will make a bid in the next few weeks for all available stake in Hutch-Essar.
When asked whether Vodafone would join hands with Ruias-promoted Essar in the event of the British telecom company acquiring controlling stake in Hutch-Essar, the India-born CEO of the UK telecom giant said he counted the Ruias as good partners.
Sarin arrived in Delhi on Wednesday early morning to meet top Government leaders in order to step up diplomatic pressure to clinch the deal.
He is expected to meet Prime Minister Manmohan Singh and Commerce Minister Kamal Nath.
Nath has already spoken to EU Trade Commissioner Peter Mandelson on the issue and has said he was likely to meet Sarin on Wednesday.
EU's support for Vodafone comes within days of the UK-based firm's representatives meeting senior officials of Department of Telecom seeking clarity on FDI policies.
Meanwhile Essar has also announced it is interested in buying out its foreign partner in Hutch-Essar, coinciding with UK's telecom giant Vodafone commencing due diligence for acquiring India's fourth largest mobile player.
Essar, by virtue of its 33 per cent stake in Hutch Essar Ltd (HEL), has three directors on the JV company's Board and thus access to all the operational, infrastructural and financial information about the joint venture.
The tag along rights, which would allow Essar to continue with a new partner, would kick in if HTIL's direct or indirect stake in the venture dips to less than 40 per cent.
The acquisition would help Vodafone gain a strong presence in one of the world's fastest growing mobile phone markets.
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