Voda reaches agreement with Essar – reports

British mobile firm, Vodafone, has reportedly reached an agreement with the Essar group that will see it take management control over Hutchison Essar.

The Hindustan Times reported Tuesday that Vodafone will nominate Ravi Ruia, Essar’s group vice chairman, as non-executive chairman, quoting sources.

The Times said the new board would be comprised of nine directors, with three from Essar. Vodafone chief, Arun Sarin, would be vice chairman. 

Vodafone has also agreed to a four-year put option for the Essar group, based on an enterprise value of $18.8bn, according to the Times.

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