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February 12, 2007 12:04 IST
Reliance Communications chairman Anil Ambani on Monday welcomed Vodafone to India, after the UK giant emerged the top bidder for Hutch-Essar with a $19.3 billion bid.
"We congratulate Vodafone and welcome them to India. Vodafone's participation is a further endorsement of the exciting future growth potential, and the progressive policies, prevailing in the Indian telecom sector," Ambani said in a statement.
On his company's bid, Ambani said, "Reliance's bid was made in line with our publicly declared and consistent philosophy of sustainable value creation, and financial conservatism, in the face of truly challenging acquisition valuations."
A consortium led by NRI business group Hindujas and Essar, were the other bidders in the fray for India's fourth largest telecom operator Hutch-Essar.
Meanwhile, Ambani announced that his company would maintain substantial financial strength and flexibility, while investing a record capex of Rs 11,000 crore ($ 2.5 billion) in the coming financial year.
The race for Hutch-Essar: Complete coverage
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