Rel Comm eyes Hutch-Essar buyout

Formally throwing its hat in the Reliance Communications said it was looking to acquire its rival Hutch-Essar and has received funding support for the proposed deal.

RCom Chairman Anil Ambani said his company had received strong financial support from leading bankers all over the world.

"This I believe is a strong endorsement in our company and in India's telecom growth," he said, adding that "there is no certainty on the Hutch-Essar proposal on when and how it will be completed."