Tirupati: ADAG Chairman Anil Ambani is all set to acquire India's third largest private mobile player Hutch-Essar. On Saturday, Anil visited Tirupati for the blessings from Lord Balaji accompanied by mother Kokilaben.
ADAG company, Reliance Communication, is believed to have tied up with four US equity funds, including Blackstone, to acquire the company and the firm is competing with Egyptian giant ORASCOM and Malaysia's Maxis.
The company has mandated UBS as its advisor for raising debt and resources.
According to sources Reliance Communication (RCL) may raise an additional $4-5 billion from the market for the bid.
RCL is interested to retain up to 80 per cent in Hutch-Essar, which it is seeking to acquire along with four global private equity players.
ORASCOM has already said that it would be interested in bidding for mobile service provider Hutch-Essar provided the company was welcome in the country.
ORASCOM Telecom CEO Naguib Sawires said, “I am already an indirect investor so the answer is definitely yes. I just need to be welcome. I do not want to be somewhere where I am not welcome."
The firm indirectly controls 10 per cent in Hutch-Essar after it acquired 19 per cent stake in Hong Kong-based Hutchison Telecom International Ltd.
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