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This story is from February 11, 2007
All partners enjoy right of refusal in JVs
The four bidders-Vodafone, Reliance Communications, Hindujas, and Essar are believed to have put in their bids, valuing Hutch Essar at $16-17 bn.
MUMBAI: The battle for Hutch Essar may be swinging the Ruias'way. The four bidders__Vodafone, Reliance Communications, Hindujas, and Essar__are believed to have put in their bids, valuing Hutch Essar at $16-17 billion.
In business, a first right of refusal is right that all the partners in a joint venture enjoys in case any of the parties wishes to exit the venture.
In such a situation the JV partner that wishes to remain in the company gets the chance to buy out the exiting party by matching the highest bid put in by any outsider.
In the run-up to the final bidding for Hutch Essar, Ruias had maintained they had tied up funds for a matching bid for the stake they did not hold in the company. However, the details of the funding were not made public.
In business, a first right of refusal is right that all the partners in a joint venture enjoys in case any of the parties wishes to exit the venture.
In such a situation the JV partner that wishes to remain in the company gets the chance to buy out the exiting party by matching the highest bid put in by any outsider.
In the run-up to the final bidding for Hutch Essar, Ruias had maintained they had tied up funds for a matching bid for the stake they did not hold in the company. However, the details of the funding were not made public.
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