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Home  » Business » Anil Ambani gets nod to pursue Hutch deal

Anil Ambani gets nod to pursue Hutch deal

Source: PTI
January 10, 2007 16:33 IST
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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.
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