Mumbai: The board of Reliance Communications (RComm)
has authorised its chairman Anil Ambani to pursue the
acquisition Hutchison Wampoa''s stake in Hutch Essar Ltd
(HEL), including raising long-term resources for the deal.
cleared Anil Ambani''s proposal even as UK''s Vodafone as
well as Essar stepped up the pace in pursuit of Hutch-Essar.
The RComm board also authorised Ambani to take all necessary
steps for a possible acquisition of the telecom operator
and raise long-term resources in the form of external
board has also approved the issue of foreign currency
convertible bonds in overseas markets worth up to $1 billion.
Vodafone CEO Arun Sarin, meanwhile, met the finance, commerce,
and communication ministers and briefed them about the
company''s future plans in India''s fast-growing telecom
group chairman Shashi Ruia who said his bankers have started
confirmatory diligence for a deal, also called on finance
minister P Chidambaram but did not elaborate on what transpired.
Sunil Mittal of Bharti Airtel, in which Vodafone holds
9.9-per cent stake, called on Maran here.
Vodafone is keeping options to partner Essar in the joint
venture open, Sarin said after meeting Chidambaram that
India was a growing market and fits well in Vodafone''s
was Sarin''s reply when asked whether Vodafone would join
hands with Ruias-promoted Essar, who he termed as a good
communication minister Dayanidhi Maran said he wanted
good players to enter the country, commerce minister Kamal
Nath asked the UK telecom giant to follow best commercial
practices in its bid for the acquisition.
(a deal) should be done in a transparent manner in accordance
best commercial practices... and in the best interest
of all stakeholders," Nath told Sarin, who arrived
here early this morning to pursue acquisition of India''s
fourth largest mobile venture.