Race to acquire Hutch hots up

The race for acquiring India's third largest mobile services provider Hutch, has hotted up with Reliance Communications backed by an US equity funder, Egyptian telecom giant Orascom and Malaysia's Maxis believed to have thrown their hats into the ring.

Hutch Essar is understood to be valued between $13-14 billion and a call for the suitor could be taken in less than a month, investment banking sources said.

Hutchison Telecom International Ltd and corporate giant Essar, the two joint venture partners have declined to comment on speculations.