Delhi: The Ruia family of the Essar group seems to
have come to a favourable agreement with Vodafone that
acquired majority stake in Hutch-Essar.
agreement includes Essar group vice-chairman Ravi Ruia
becoming chairman of Hutch-Essar apart from which Essar
will nominate four out 12 directors in the board of the
country''s fourth largest mobile company and will have
the option to sell its 33 per cent stakes in the joint
venture after three to four years.
the option is exercised, the premium will be decided by
The new partners have also agreed to change the Hutch
brand in a period of eight months to a year.
than Ravi Ruia, the other nominees of the Essar group
to the board will be Prashant and Anshuman Ruia, sons
of Ravi''s brother Shashi, and Vikash Saraf. Vodafone CEO
Arun Sarin will be the vice-chairman. There will be no
change in the management of the company, which will be
led by CEO Asim Ghosh.
agreement, which was to be discussed last Sunday and to
be followed up with a press conference the next day, was
held up as the Ruias'' lawyers sought last minute changes.