Vodafone, Essar proffer to buy Hutch

BANGALORE: UK-based Vodafone and India's Essar have made their offers to acquire Hutchison Telecom's stake in the venture, news agencies reported quoting the British media.

The reports follow the visit of top brasses of both Vodafone and Essar to the UK.

Quoting sources, British media said that Essar has offered $11 billion for the 67 per cent stake of HTIL, putting the enterprise value of the JV at $16.5 billion.

Financial Times reported that Vodafone have submitted an offer valuing the company at $17-18 billion.

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