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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
Press Trust of India
Press Trust of India
None
Hindustantimes
         

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

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