Vodafone and Essar reach agreement
Vodafone and Essar to continue as partners in India. Essar negotiates a put of its Hutchison Essar shares after four years.
Vodafone and Essar have reached an agreement on their partnership in Indian telco, Hutchison Essar, with both sides gaining and conceding a little.
On February 11, Vodafone bought a 67% controlling interest in Hutchison Essar from KS Li's company, Hutchison Telecommunications International. Vodafone acquired the stake at a firm value of $18.8 billion. Since then, speculation has been rife about what role the owners of the other 33% - the Ruia family of Essar group - would play in the...
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