Vodafone CEO expected in India this week
The visit could see Sarin holding parleys with various stakeholders to give further shape to the transaction.india Updated: Feb 12, 2007 14:27 IST
On the heels of clinching a deal to acquire control of Indian mobile venture Hutch-Essar, Vodafone CEO Arun Sarin is expected to visit India anytime this week.
The visit could see Sarin holding parleys with various stakeholders to give further shape to the transaction that would cost Vodafone about $11 billion in cash.
While there was no official confirmation about the visit, sources said the Vodafone CEO, who had visited India last month to meet the virtual who's who of the government to understand regulatory framework ahead of a bid, could come calling as early as Wednesday.
His visit is also considered to be of significance given Vodafone's offer to buyout Essar in Hutch-Essar, although Essar has said it has been offered a partnership by the British giant.
Ruias-promoted Essar currently holds 33 per cent stake in HEL.
Incidentally, Essar Group Vice Chairman Ravi Ruia and managing director Prashant Ruia were in London when Vodafone announced it had agreed to buy Hong Kong-based Hutchison Telecom's stake in the Indian venture for 11.08 billion dollars plus $2 billion in debt.