Battle for Hutch Essar

It's the third week of the tussle for Hutchison Essar, India's fourth largest mobile service provider. By now, the race is restricted to homegrown Reliance Communications and UK-based Vodafone. The enterprise value of Hutchison Essar has been on the rise. It's gone up from $ 12 billion in early December to $ 21 billion in January.
It's payback time for the Ruia brothers--Shashi and Ravi--who have had serious financial problems over the last few years. This is when their 33.01% stake in the venture could get them anything between $ 5 billion (Rs 22,500 crore) to $ 7 billion (Rs 31,500 crore). For a group that was virtually wiped out a few years back, that's will be an unbelievable come-back.
The best part is that Essar can sell-out, buy up Hutchison's 67 per cent stake or simply sit back and watch the fun as the world rushes in to buy up Hutchison Essar.
In case Essar decides not to sell, it ensures that Reliance is out of the race. Under the Department of Telecommunications norms, no telecom company can have more than 10% stake in two operators in a circle (basically a state). The only way out is to pick up a 100% stake.
Considering that rivalry that Essar had with the undivided Reliance group, that may be an option. But, since the Essar fight was with Reliance patriarch Dhirubhai Ambani and Mukesh Ambani, letting Anil get his share would be a way to settle scores. That, of course remains to be seen.