Anil Ambani welcomes Vodafone

The Reliance Communications chief greets Vodafone after the UK giant emerged top bidder for Hutch-Essar.

india Updated: Feb 12, 2007 14:03 IST

Reliance Communications Chairman Anil Ambani on Monday welcomed Vodafone to India, after the UK giant emerged the top bidder for Hutch-Essar with 18.8 billion dollar bid.

"We congratulate Vodafone and welcome them to India. Vodafone's participation is a further endorsement of the exciting future growth potential, and the progressive policies, prevailing in the Indian telecom sector," Reliance Communications Chairman Anil D Ambani said in a statement.

On his company's bid, Ambani said: "Reliance's bid was made in line with our publicly declared and consistent philosophy of sustainable value creation, and financial conservatism, in the face of truly challenging acquisition valuations."

A consortium led by NRI business group Hindujas and Essar, were the other bidders in the fray for India's fourth largest telecom operator Hutch-Essar.

Meanwhile, Ambani announced that his company would maintain substantial financial strength and flexibility, while investing a record capex of Rs 11,000 crore ($2.5 billion) in the coming financial year.

First Published: Feb 12, 2007 11:34 IST