India's Hindujas group said it has partnered with Qatar Telecom to jointly bid for buying 67% stake in Hutchison Essar, sources, quoted by an Economic Times of India report, said.
'The Hindujas have almost finalized a partnership with Qatar Telecom, which has also been keen to enter the Indian telecom market,' the sources said
Hinduja Group CFO Prabal Banerji declined to comment, the Economic Times report said.
Sources said the two were likely to make a $16-billion offer for the Hutch Essar stake, which has been on the block for nearly two months now.
Qatar Telecom, listed on the LSE, Doha Securities Market and the Bahrain Stock Exchange, was earlier looking at partnering the Essar Group, which holds 33% stake in Hutch Essar.
It was also rumored to be in talks with Orascom to make a joint bid for India's fourth largest operator. Subsequently, the consortium backed out of the race.
Qatar Telecom, Qatar's only telecom service provider, has now managed to find a partner in the Hindujas.