Report: Vodafone makes India bid

Vodafone has made a bid on Indian wireless operator Hutchison Essar that values the company at $17 billion to $18 billion, according to the Financial Times.

While Vodafone has said nothing publicly beyond expressing interest in buying the fourth largest Indian carrier, a brewing bidding war between the U.K.-based international wireless giant and India’s own Reliance Communications has been widely reported by the international media.

The Times reported that Vodafone has made its offer to controlling partner Hutchison Whompoa, the Hong Kong conglomerate that owns 67% of the joint venture. The other 33% is owned by India’s Essar group, which has indicated it would part with its stake if Hutchison agrees to sell. Reliance, however, has yet to make a counter-offer, though executives with that company said today they have been putting together a finance package for a potential bid. Reliance is reportedly working with U.S. private equity firms Blackstone and Kohlberg Kravis Roberts.