Hutch Essar acquisition on cards: sources

Reliance Communication, Maxis of Malaysia and Orascom of Egypt are in race for acquiring mobile service provider Hutch Essar.

The race for acquiring India's third largest mobile services provider Hutch, has hotted up with Reliance Communications backed by an US equity funder, Egyptian telecom giant Orascom and Malaysia's Maxis believed to have thrown their hats into the ring.

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Hutch Essar is understood to be valued between 13-14 billion dollars and a call for the soother could be taken in less than a month, investment banking sources said.

Hutchison Telecom International Ltd and corporate giant Essar, the two joint venture partners have declined to comment on speculations.