Essar seeks buyers for Vodafone stake

Nicole McCormick
19 Jul 2010
00:00
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Daily News

Essar Group is considering putting its 33% stake in Vodafone India on the sale block.

Essar has invited banks to advise on its sale options, including divesting 10% of its 33% interest via an IPO early next year, saidBloomberg.

Vodafone paid Hutchison $10.7 billion for its 66% stake in Vodafone India (then Hutchison Essar) in 2007.

The deal gave Essar the option to sell its 33% stake in the Indian cellco to Vodafone for $5 billion after May 8 2010 but before May 8 2011.

Another option says that Essar can seek an independent valuation and sell its shares in the open market.

The Telegraph Indiasays Essar has been in talks with Vodafone to pay more than $5 billion for its stake.

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