The board of Reliance Communications, a serious contender for Hutch-Essar, on Wednesday authorised its chairman Anil Ambani to pursue the acquisition, including raising long-term resources for the deal.
Ambani was given the go ahead to take all necessary steps for a possible acquisition of of Hutch-Essar Ltd and raise long term resources in the form
of external commercial borrowings, the company said in a statement after the board meeting on Wednesday.
The board of directors also approved the issue of Foreign Currency Convertible Bonds in overseas markets worth up to $1billion. It, however, noted that there was no certainty either on completion or timing of the proposal related to HEL.