According to the Associated Press report,
Vodafone's bid values all of Hutchison Essar at $18.8 billion, the report said.
Under the deal, Vodafone will buy a 52% stake in the Indian company from Hong Kong-based Hutchison Telecom International, but also get additional control of another 15% stake held by two individual Indian investors and their associates, who were previously sponsored by Hutchison, the report said.
The report further said the remaining 33% equity is owned by
Critics say the deal actually gives control of 89% of equity in Hutchison Essar to foreign firms and amounts to a breach of law.
Dua said the Vodafone proposal doesn't suggest that direct foreign holding will cross 74%, adding that the government has been informed that minority shareholders will not transfer their holdings to any foreign company, the Associated Press report further said.