Arun Sarin to visit India on January 10: Report
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Arun Sarin to visit India on January 10: Report

According to British daily 'Financial Times' Vodafone appoints Ernst and Young to help it study Hutchison Essar's books.

india Updated: Jan 08, 2007 19:13 IST

British telecom giant Vodafone's CEO Arun Sarin may visit India on January 10, Indian media reports said.

Amid various unconfirmed reports in domestic and international media about Vodafone beginning study of the books of its acquisition target Hutch Essar, NDTV Profit news channel reported Sarin was likely to come to India as well.

When contacted, a Vodafone spokesperson in London declined to comment on the reports.

"We have no comment on these reports at this point in time," the spokesperson added, when asked whether the company has started the due diligence process.

Meanwhile, officials in the Department of Telecom said as of now there was meeting scheduled between Communications Minister Dayanidhi Maran and Sarin.

The TV channel further quoted unnamed sources as saying that European Union Trade Commissioner Peter Mandelson has pitched for Vodafone in India, while asking the Indian government to be fair in the British telecom giant's case.

Earlier last week, two senior Vodafone executives had met DoT Secretary DS Mathur to seek clarifications on regulatory front in the country's telecom business.

British daily 'Financial Times' on Monday reported that Vodafone has appointed Ernst and Young to help it study Hutchison Essar's books. The daily said 15 executives of the UK firm have been flown to Mumbai for the purpose.

Vodafone seems to emerge as the front-runner in the race to acquire Hutchison Essar Ltd, India's fourth-largest mobile operator. Other companies in the fray include Reliance Communications and Essar group, the 33 per cent shareholder in Hutch Essar.

First Published: Jan 08, 2007 17:34 IST