December 20, 2006

Vodafone in race to buy India's Hutchison Essar

The world's largest mobile phone company, Vodafone Group, is set to enter a bidding war to buy Indian mobile firm Hutchison Essar, a newspaper has reported.

The Economic Times newspaper, quoting unnamed sources, said Wednesday the firm was holding talks with bankers to raise cash to buy the majority stake in Hutchison Essar owned by Hong Kong-based Hutchison.

However Vodafone's Indian partner Bharti Airtel told the Business Standard it was not aware of any move.

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