Reliance Comm, Verizon prepare for Hutch war

With the battlelines now drawn for the Hutch Essar deal, Reliance Communications seems to be preparing a warchest.

The Reliance Communications board will meet on the 10th of this month to mull raising long term resources from the international market. It will consider raising funds via ECB/FCCB issue. It is in talks with PE players as well.

Anil Ambani had made a statement saying that many of the top ten PE players have pledged their support.

Reliance Communications has cash reserves of USD 1.7 billion. It has raised a debt of USD 1 billion for general corporate purposes.

Hutch Essar may soon have a US bidder joining in the fray, reports wire agency PTI.

The report says US telecom giant Verizon may place a bid for control of India's fourth-largest mobile operator. The US firm has, however, refused to comment on any kind of speculation.

The report says a Verizon spokesperson also declined to comment on queries related to whether a potential bid would be in partnership with its US partner Vodafone, or a solo offer.

Also sources say Hutch and Ruia discussions continued today in Hong Kong. Hutch has not accepted Ruia's offer.