Hindujas joins the Hutch tussle

NEW DELHI: Hinduja group is the new entrant to join the $ 20 billion Hutchinson tussle.

Hinduja will be the sixth company to foray into this Hutch deal.

Hindujas, earlier had sold off its 5.1 per cent stake in Hutchinson Essar in June 2006 to Hutchinson Telecom International, are now again looking at controlling stakes in Hutch. According to the media reports the group is not likely to settle less than 51 per cent stake in Hutchinson Essar.

Vodafone one of the other contender for the buyout of Hutch, on Thursday met the senior officials of the Department of Telecom, to understand the Foreign Direct Investment Policy (FDI) regulations and procedures in India. Matthew Kirk, director, (external relationships), Vodafone and Neil Gough, director (International Relations), Vodafone presented the company’s plan for India to telecom’s secretary Dinesh Mathur.

The other contenders in this tussle are Reliance communications, The Essar group, Maxis and Orascom.