New Delhi: UK-based Vodafone, the world's largest mobile phone operator, and India's Essar all set with their offers to acquire Hutchison Telecom's stake.
The bid war for Indian mobile operator Hutch-Essar is valued up to $18 billion.
A British media reported, quoting unnamed sources, that the two suitors have made their respective offers for the bid.
Essar, the joint venture partner in Hutch-Essar with 33 per cent stake, has offered $11 billion for the 67 per cent stake of HTIL.
Vodafone has submitted an offer valuing the company at $17-18 billion, the Financial Times reported.
Earlier, there was confusion on valuation of Hutch-Essar following an interview by HTIL's parent Hutchison Whampoa's finance director Frank Sixt that the group would not entertain any offer made below $14 billion.
This was construed by many as the valuation of HTIL's 67 per cent stake, thus pegging the enterprise value of the joint venture at $21 billion.
According to Financial Times's online edition Vodafone on Wednesday faced a new rival in its drive to win control of Hutchison-Essar after Essar turned the battle for control of the Indian mobile operator into a three-way fight.
Vodafone has also submitted an offer to HTIL for Hutchison Essar, valuing the company at $17-$18 billion.
Meanwhile, according to a report by The Times, the two brothers Shashi Ruia and Ravi Ruia, chairman and vice-chairman of Essar respectively, differ on whether to sell their 33 per cent stake in Hutch-Essar or stay invested.
Another British daily The Telegraph reported that Essar is believed to have received a line of credit for 10 billion dollars from Morgan Stanley and Citibank to fund the bid.
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