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| Indian rivals hail Vodafone deal | Indian rivals hail Vodafone deal |
| (about 2 hours later) | |
| Rival Indian telecoms companies have welcomed Vodafone's $11.1bn (£5.7bn) purchase of a controlling stake in mobile phone firm Hutchison Essar. | Rival Indian telecoms companies have welcomed Vodafone's $11.1bn (£5.7bn) purchase of a controlling stake in mobile phone firm Hutchison Essar. |
| Reliance Communications, which also bid for the 67% share, said the UK firm's win indicated the success and growth potential of India's mobile market. | Reliance Communications, which also bid for the 67% share, said the UK firm's win indicated the success and growth potential of India's mobile market. |
| "We congratulate Vodafone and welcome them to India," said Reliance's chief executive Anil Ambani. | "We congratulate Vodafone and welcome them to India," said Reliance's chief executive Anil Ambani. |
| Hutchison Essar is India's fourth largest mobile phone network. | Hutchison Essar is India's fourth largest mobile phone network. |
| Vodafone's purchase ends a long bidding war for the Hutchison Essar stake owned by Hong Kong's Hutchison Telecommunications. | Vodafone's purchase ends a long bidding war for the Hutchison Essar stake owned by Hong Kong's Hutchison Telecommunications. |
| UK firm Vodafone is moving into emerging economies to make up for slow growth in mature markets like Europe. | UK firm Vodafone is moving into emerging economies to make up for slow growth in mature markets like Europe. |
| According to Vodafone, India is the fastest growing mobile market in the world, with around 6.5 million new subscribers every month. | According to Vodafone, India is the fastest growing mobile market in the world, with around 6.5 million new subscribers every month. |
| 'Strong endorsement' | 'Strong endorsement' |
| In addition to beating Reliance, Vodafone also outbid other Indian telecoms firms Hinduja and Essar, the latter of which already owns 33% of Hutchison Essar. | |
| It was also announced that Vodafone had sold its 5.6% stake in India's largest mobile phone group Bharti Airtel. | It was also announced that Vodafone had sold its 5.6% stake in India's largest mobile phone group Bharti Airtel. |
| Vodafone has sold it back to Bharti Airtel for $1.5bn. | Vodafone has sold it back to Bharti Airtel for $1.5bn. |
| Bharti Airtel boss Sunil Mittal said he congratulated Vodafone on its success in buying the majority stake in Hutchison Essar. | Bharti Airtel boss Sunil Mittal said he congratulated Vodafone on its success in buying the majority stake in Hutchison Essar. |
| "Today the Indian telecom sector is one of the most sought after in the world and the bid is a strong endorsement of the Government policy to promote the Indian telecom sector," said Mr Mittal. | "Today the Indian telecom sector is one of the most sought after in the world and the bid is a strong endorsement of the Government policy to promote the Indian telecom sector," said Mr Mittal. |