Hindujas place non-binding bid

Hindujas today placed a non-binding bid for the acquisition of the 67 per cent stake in Hutch-Essar and will conduct due diligence procedure on January 24 and 25.

The company is also ready to acquire the remaining 33 per cent stake held by Essar, if the Ruias are ready to sell it.

At a hurriedly called press conference, Hinduja group President Gopichand P Hinduja said, "Our candidature for the bid has been accepted and we will place the final bid within three days of the completion of the legal and financial due diligence."

Stating this as the first phase of the bid, he said the group was in a better position than any other company and was most likely to emerge as a final bidder.

Hinduja group Chairman Ashok P Hinduja said the company was ready to partner Ruias or any other company for acquiring the Hutch-Essar stake.

He also stated that the company was ready to acquire the 33 per cent stake held by Ruias, if the group was ready to sell it off. "We are looking at acquiring the whole stake held by Hutch, and would not be satisfied with anything less than 51 per cent."

He also said he expects to Hutch-Essar sale to take place by the end of this month.