Is Essar, a diversified Indian company with interests in steel and shipping, and the second shareholder in Hutchison Essar (Hutch for short) holding 33 percent equity, selling out?
They are not saying so, but the two Ruia brothers who control the company’s stake are reported by local media to be in disagreement. One of them wants to hold onto the shares because the Indian mobile market is booming and promising further growth, while the other wants to sell out because valuations of phone companies are at an all-time high.
