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Anil Ambani to pursue Hutch deal

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.

DNA Web Team

Updated : Sep 14, 2017, 04:05 PM IST

Updated at 5.50 pm

MUMBAI: 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 steps for a possible acquisition of Hutch-Essar Ltd and raise long-term resources in the form of External Commercial Borrowings, the company said after the board meeting on Wednesday.

The Board of Directors approved the issue of Foreign Currency Convertible Bonds in overseas markets worth up to $1 billion.

It, however, noted that there was no certainty either on completion or timing of the proposal related to HEL.

Reliance Communications, along with bankers, will commence due diligence of Hutch-Essar on Thursday, sources said.

Essar's bankers have started confirmatory diligence of Hutch, the sources added.

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