The war of oligarchs rages in India – India’s top oligarch Anil Ambani joins Hutch war with Vodafone
Srihari Majunta
Dec. 28, 2006

These are economic war lords of modern age. They buy politicians in open market. They change election results with money. They pay millions to vote for their candidate. They make mockery of democracy in a country where 70% are illiterate. They are the war lords of Indian democracy – the oligarchs of India.

Now the top oligarch wants to show he is capable of chasing Hutch war with Vodafone. Anil Ambani's reliance joined the battle to acquire India's mobile major Hutch-Essar and is pitted against compatriot Essar and UK's Vodafone, which has reportedly valued the JV at 17-18 billion dollars.

Now it has turned into a fight between Indian oligarchs and international oligarchs. The economic war lords will fight it out to control the mobile (cell) phone market in India.

Announcing the move, group chairman Anil Ambani did not venture on what value he would attach for Hutch-Essar Ltd (HEL), which he thought was crucial for the future growth of RCom, already the country's second largest mobile operator.

Reliance communications jumped into the fray two days after Vodafone's CEO Arun Sarin and Ravi Ruia, Vice Chairman of Essar, held parleys in Hong Kong with the top brasses of Hutchison Telecom (HTIL) that holds 67 per cent in HEL.

Though Essar has not announced its entry in the race, it has reportedly offered about 11 billion dollars to buyout the foreign partner in HEL, where it has 33 per cent stake.

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