Hutch: Essar wants equal partnership

Ahead of discussions with Vodafone, Essar on Monday said it wanted 'partnership of equals' and 'joint management' in the country's fourth largest mobile venture Hutch-Essar, in which the UK giant is taking a majority stake.

Debunking reports that it could exit the business, provided Vodafone paid a premium for its 33 per cent stake in Hutch-Essar, Vikash Saraf, CEO, Essar Teleholdings told PTI,"We are the founder partner and shareholder. We will continue as a strategic partner in HEL and not as an investment partner."

"The fundamental tenet of the partnership with Vodafone will be a partnership of equals where both

sides have a meaningful role. This will be the basis for any agreement with Vodafone," Saraf said.

Discussions between Essar promoters Ruias and Vodafone are expected to start later this week for which Essar group's vice chairman Ravi Ruia is slated to fly to London.

Asked about Vodafone's response to the Ruias, Saraf said,"We have communicated our views. Discussions are at a preliminary stage. They (Vodafone) have also expressed almost similar views, saying that Essar can add lot of value."

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