With Hutchison Telecommunication International Ltd (HTIL) formally asking companies to submit their price bids for its 67 per cent stake in Hutchison-Essar, India's fourth-largest mobile service provider, by midnight Hong Kong time, the Ruias, Anil Dhirubhai Ambani group, Hindujas and Vodafone are all believed to have put in their bids.

The Ruias, the 33 per cent partner in Hutch-Essar, have bid with the condition that they reserve the right of first refusal and should be given the opportunity to match the highest bid, in case such a situation arises.

Merchant banking sources say the banker supporting one of the bids has valued HTIL's 67 per cent stake at $11 billion. Merchant bankers, however, expect the valuation of the company at $16-20 billion.

Meanwhile, television channels reported that the board of HTIL would meet on Sunday to discuss the bids.

Through the day, reports had surfaced of Altimo, the telecom arm of Russian conglomerate Alfa group, emerging as the "dark horse" bidder.

Altimo chief financial officer Teijo Pankko had told Reuters a few weeks ago, "Hutchison Essar is a natural interest for us. If there is a structure of transaction where we can, let's say, have a role and we are welcome, we'll do it."

However, merchant banking sources confirmed that Altimo, which has major stakes in mobile and fixed-line companies in Russia, the Ukraine and Turkey, did not put in a bid.

• The race for Hutch-Essar: Complete Coverage