Had it happened in 2006, it would have been India’s biggest deal ever! But the sale of the country’s third largest telecom player – Hutch Essar – has run into controversy, reports CNBC-TV18.
Sources say Essar’s decision to turn buyer has left Hutch and it’s potential bidders confused. The question is, why did Essar change its mind?
Sources say that initially Essar had agreed to sell. Hutch had solicited offers on that basis and bidders made offers on that premise. However Essar changed its mind and decided to bid. If Essar wanted to buy, it could’ve done so earlier as competitive bidding now makes it more expensive for Essar.
