vodafone-and-essar-reach-agreement

Vodafone and Essar reach agreement

Vodafone and Essar to continue as partners in India. Essar negotiates a put of its Hutchison Essar shares after four years.
March 15, 2007
Vodafone and Essar have reached an agreement on their partnership in Indian telco, Hutchison Essar, with both sides gaining and conceding a little.

On February 11, Vodafone bought a 67% controlling interest in Hutchison Essar from KS Li's company, Hutchison Telecommunications International. Vodafone acquired the stake at a firm value of $18.8 billion. Since then, speculation has been rife about what role the owners of the other 33% - the Ruia family of Essar group - would play in the company. Essar is a diversified Indian business group with interests in petrochemicals, steel and shipping. Yesterday, terms of the agreement between the partners were announced.

Hutchison Essar is to be renamed Vodafone Essar and will...
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