RCL-led group leads the race for HEL.

Economic Times (New Delhi, India) | December 17, 2006 | Copyright

Dec. 17--MUMBAI/NEW DELHI -- A Consortium led by Reliance Communications (Rel Comm) is believed to have emerged as the front-runner for buying out Hutchison Essar (HEL) at an estimated value of $13-14 billion.

The consortium also includes private equity giants Blackstone and Kohlberg Kravis Roberts (KKR), sources close to the development told ET. "The deal is likely to be sealed in the next few days," said sources.

There is also a third front emerging, with Malaysia's Maxis, Hutchison's JV partner Essar and Egyptian telecom giant Orascom in the fray. ...

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