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HTIL says the Ruias don't have the RoFR.(MERGERS AND ACQUISITIONS)(Hutchison Telecommunications International claims Essar group does not have Right of First Refusal to sale of Hutchison Essar )

India Telecom, March, 2007

Hutchison Telecommunications International (HTIL) said that the Ruias-controlled Essar group does not have the Right of First Refusal (RoFR) regarding the sale of Hutchison Essar (HEL). HTIL said at an analyst meeting in Hong Kong that the Ruias do not have the right. A spokesperson of HTIL said that all the participants had equal opportunities to bid for buying a stake in HEL, and the process of bidding was transparent.

Essar owns 33 percent in HEL and has always insisted that it does have the RoFR. This right means that in the sale of the stake in HEL, the group can match the highest offer price, no matter who the buyer is. But HTIL maintains that RoFR can be exercised by only three players: Reliance Communications, Bharti Airtel, and Tata. HTIL plans to pay...

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