Hutch-Essar: Are Hindujas out of the race?

 Vodafone is expected to lodge a formal bid for buying Hutchison Telecom's 67% stake in Hutch-Essar within days.

 Goldman Sachs, Hutchison Telecom's financial adviser, is seeking to cajole Vodafone into agreeing for an upfront contract. The British telecom giant has evinced strong interest in the joint venture, and tabled an indicative offer that values the whole business at about $16.5 billion.

 Vodafone chief executive Arun Sarin yesterday sought to calm investors about the group overpaying for the deal. "We will be very financially disciplined," Sarin said.