Now that Arun Sarin has come and gone, the Ruia brothers of Essar are showing their true colours. Well, they want a 50% stake in the venture with "Big Comma." After all, Essar has been cherishing the thought of having a say in the mobile business.
But Vodafone is not the type that believes in such things. Globally, it has close to a 100% stake in all the ventures. However, in India it is hamstrung by government policy that ensures that it can hold only 74%. It is unlikely that it will go lower than that.
So what does that leave the Ruias with? Simply hope that Vodafone will pay them more to acquire their 33% stake in the venture.
That raises another question? Now that Vodafone is here, will the other biggies follow suit? That remains to be seen.
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