Singapore, Dec 28: Britain's Vodafone has submitted a bid for Indian mobile phone operator Hutchison Essar that puts a value of at least billion on the company, the Financial Times reported, citing sources close to the talks.
But Vodafone Group Plc faces competition as India's Economic Times reported on Wednesday that Essar, which holds a third of Hutchison Essar, has offered to buy Hutchison Whampoa's <0013.HK> 67 percent stake at a similar price.
Executives at Hong Kong-based Hutchison have previously confirmed they have been approached by several interested bidders.
Reliance Communications , India's second largest mobile operator, is also looking at a possible bid in tandem with private equity group Blackstone [BG.UL], a source familiar with the situation told Reuters last week.
Reuters
But Vodafone Group Plc faces competition as India's Economic Times reported on Wednesday that Essar, which holds a third of Hutchison Essar, has offered to buy Hutchison Whampoa's <0013.HK> 67 percent stake at a similar price.
Executives at Hong Kong-based Hutchison have previously confirmed they have been approached by several interested bidders.
Reliance Communications , India's second largest mobile operator, is also looking at a possible bid in tandem with private equity group Blackstone [BG.UL], a source familiar with the situation told Reuters last week.
Reuters
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