(The Statesman via NewsEdge) Essar has called off its proposed sale of BPL mobile to its telecom joint venture Hutchison Essar citing delays in getting the necessary approvals, which it said was hurting the business of BPL.
Essar Teleholdings had acquired BPL Mobile, in Mumbai, and three other circles for $1.15 billion last year and in turn sold three circles to Hutchison Essar, while striking a deal with the joint venture for sale of Mumbai circle subject to necessary approvals.
Even as the deadline for the approval was approaching, Essar was reportedly approached by a number of prospective buyers including AV Birla group, Maxis and some West Asian companies.
When contacted, Essar Teleholdings director, Mr Vikash Saraf, confirmed that his company had terminated the deal with Hutchison and their immediate priority would be to build the BPL, Mumbai's operations and add value to it.
Asked if Essar would sell BPL (Mumbai) business to some other telecom player or investor, Saraf declined to comment.
Industry sources said a couple of telecom players and some middle-eastern companies have expressed interest for BPL.
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