Anil Ambani group's Reliance Communications is believed to be considering a joint bid with private equity firm Blackstone to acquire Hutchison Telecommunications International's 67% stake in Hutchison Essar.According to a report by Wall Steet Journal, the deal may be valued at over $ 8 billion ( Rs 36,000 crore) excluding debt. The news report says other possible bidders include Texas Pacific Group.A spokeswoman for Hutchison Telecommunications in Hong Kong said the company does not comment on market rumors. When contacted, a Reliance Communication spokesperson denied any such move.A spokesperson for the Essar group said he was not aware that Hutchison's shareholding in the company was up for sale and therefore he could not comment.The Esssr group controls 33% stake in Hutchison Essar, the third largest player in the country's rapidly growing telecom industry after Bharti Airtel and Reliance Communications. Hutchison Essar has about 20 million subscribers - more than double the number of subscribers one year ago.A recent Morgan Stanley study puts the valuation of Hutchison Telecommunications' Indian assets at 75-80% of its total value pegged at around $11 billion.Blackstone was considering raising a $5 billion fund focused on India infrastructure investments, Wall Street Journal said in the report.However, corporate observers were not sure if such a deal could happen immediately as the Essar group enjoys the first right of refusal in case Hutchison wants to pull out of India.
