British giant Vodafone and Indian conglomerate Essar group on Thursday reached an agreement for jointly running India's fourth largest mobile firm - Hutch-Essar, which would be rechristened as Vodafone Essar.
The two companies said in a joint statement that they have agreed on partnership terms for Hutchison Essar, in which Vodafone is acquiring 67 per cent stake from Hong Kong's Hutchison Telecom International Ltd while Essar would continue to retain its 33 per cent stake.
"The partners have agreed that Hutchison Essar will be renamed Vodafone Essar and in due course the business will market its products and services under the Vodafone brand," it said.
Under the terms of the partnership, Vodafone will have operational control of Vodafone Essar and Essar will have rights consistent with its shareholding, including proportionate Board representation.
Ravi Ruia will be appointed as Chairman of Vodafone Essar and Arun Sarin will be Vice Chairman.
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