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Showing posts from January, 2007

Hutch sale draws phisaddi

Phisaddi eying Hutch Out to teach the big players, 'a lesson' New Delhi: In a move that could add a new dimension to the ongoing tussle for controlling Hutchison-Essar, local pan tycoon Phisaddi Lal has submitted a non-binding bid for gaining a controlling stake in the venture. This was communicated to the Bhootnath Stock Exchange, in a company announcement released by Phisaddi and sons early morning today. The Phisaddi group, which has interests in Banarasi pan, roadside langot and juice joint business around the national capital, is the latest entrant in the ongoing war to gain control over what has been rated as the third biggest player in the Indian cellular market. Sodafone, Reliance, Hindujas and the Chuiyas, are currently the key contenders for Hutchison's stake in Hutchison-Essar.The company has already begun due diligence on the venture. A team of 7 executives from the firm has flown in to Mumbai for carrying the negotiations forward. Jhumrithalaiya-based legal f…

Hutch sale draws phisaddi

Phisaddi eying Hutch Out to teach the big players, 'a lesson' New Delhi: In a move that could add a new dimension to the ongoing tussle for controlling Hutchison-Essar, local pan tycoon Phisaddi Lal has submitted a non-binding bid for gaining a controlling stake in the venture. This was communicated to the Bhootnath Stock Exchange, in a company announcement released by Phisaddi and sons early morning today. The Phisaddi group, which has interests in Banarasi pan, roadside langot and juice joint business around the national capital, is the latest entrant in the ongoing war to gain control over what has been rated as the third biggest player in the Indian cellular market. Sodafone, Reliance, Hindujas and the Chuiyas, are currently the key contenders for Hutchison's stake in Hutchison-Essar.The company has already begun due diligence on the venture. A team of 7 executives from the firm has flown in to Mumbai for carrying the negotiations forward. Jhumrithalaiya-based legal f…