(Economic Times via NewsEdge) India's Hindujas group said it has partnered with Qatar Telecom to jointly bid for buying a 67% stake in Hutchison Essar, sources said.
'The Hindujas have almost finalized a partnership with Qatar Telecom, which has also been keen to enter the Indian telecom market," the sources said
Hinduja Group CFO Prabal Banerji declined to comment.
Sources said the two were likely to make a $16-billion offer for the Hutch Essar stake, which has been on the block for nearly two months now.
Qatar Telecom, listed on the LSE, Doha Securities Market and the Bahrain Stock Exchange, was earlier looking at partnering the Essar Group, which holds 33% stake in Hutch Essar.
It was also rumored to be in talks with Orascom to make a joint bid for India's fourth largest operator. Subsequently, the consortium backed out of the race.
Qatar Telecom, Qatar's only telecom service provider, has now managed to find a partner in the Hindujas.
The multi-billion Hinduja group, too, has a Qatar connection. The group is considering investments in Qatar's waterfront real estate developments and exploring the possibilities of investing in Qatar's energy sector and special economic zones, in addition to other sectors.
The proposed investments in Qatar's real estate are being taken care of by a new real estate company being floated by the Indian arm of the Hinduja group.
© 2007 The Economic Times
© 2007 Dialog, a Thomson business. All rights reserved