Hinduja Group shows interest in buying 100 % stake in Hutchison Essar
The fight for the Hutchison stake in Indian mobile company Hutch is getting more interesting. The Hinduja Group has now said that they are willing to buy 100% stake in the Hutchison Essar group in India.
This would however require Essar group too to offer their share in the company. Hutchison has already said that they are interesting in selling off their stake in the company. Interested parties include Vodafone, Essar and Reliance Communications.
The Hinduja Group said that they would conduct due diligence of the company on January 24-25.
Gopichand Hinduja, President, Hinduja Group Worldwide said in a statement on this new development: “We are open to buy 100 per cent stake, provided the Ruias are willing to sell their stake.”
They were one of the early birds to enter the mobile market in India but ended their presence in this market when they sold their residual 5.11 per cent stake in HEL for about 450 million dollar.