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Vodafone has rejected some of the proposals made by the Ruias owned Essar Group.

March 15, 2007
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Vodafone has rejected some of the proposals made by the Ruiasowned Essar Group. The Ruias are seeking joint management rights and would like to increase their shareholding beyond the current 33 per cent in order to make the joint venture a "partnership of equals". Vodafone is also currently negotiating with the Ruias over the pricing of a possible "put" option for Essar's 33 per cent stake in HEL. While Essar is believed to have asked for a premium to be paid over the price paid by Vodafone to HTIL, Vodafone is insisting on the same price. Meanwhile, the British telecom major has approached the Foreign Investment Promotion Board for approval to acquire 52 per cent stake in Hutchison Essar and invest in other telecom activities.

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