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January 09, 2007 12:21 IST
As Vodafone started examining the books of Hutchison Essar, its existing partner Bharti Airtel on Tuesday said it has not been approached by anyone to buyout British telecom firm's stake in the company.
"It is too early... First they have to finish their things (such as due diligence)," Bharti group chairman Sunil Mittal said when asked whether any other company has expressed intention in Vodafone's stake in Bharti Airtel.
Asked about the valuation of Hutch Essar, Mittal said, "The value that is being talked about is not cheap".
Vodafone, which has about 10 per cent stake in India's largest mobile operator Bharti Airtel, had begun studying books of Hutch-Essar.
Besides Vodafone, Reliance Communications, Essar and Hinduja Group are also in the race to acquire Hutch Essar, the country's fourth largest cellular operator.
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