Will fully honour agreements with Vodafone
Saturday, 09 April 2011, 07:39 IST
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New Delhi: Essar Group today said it intends to "fully honour" its agreements with its foreign partner Vodafone, subject to all regulatory approvals, including from RBI and FIPB. "Essar fully intends to honour all its rights and obligations under the various agreements with Vodafone and also expects Vodafone to do the same. This will be done in accordance with all applicable laws and regulatory approvals," the company said in a statement. The statement comes amid reports that Essar group may ask for USD 700 million more for selling its 33 per cent holding in Vodafone Essar Ltd (VEL) to its British partner Vodafone Group Plc. Essar said it continues "to be a shareholder in VEL with all its rights and obligations until the transaction is concluded, which is expected by the end of November".
Source: PTI
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