Mobile phone giant Vodafone is considering buying a controlling stake in India’s Hutchison Essar.
The move could spark a bid battle with Reliance Communications, India’s second largest mobile operator.
The Newbury-based company said the Indian mobile phone market, which is the fastest-growing in the world, offers “great potential”.
The company added: “The board of Vodafone continues to believe the mobile market in India has great potential and is therefore considering the acquisition of a controlling interest in Hutchison Essar.
“Such a transaction would be consistent with our stated strategy of seeking selective acquisition opportunities in developing markets.”
Foreign investors are limited to owning 74 per cent of Indian mobile operators, so Vodafone would need a local partner if it wants to complete the move.
Via [Channel4]
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