Essar deal delayed as regulators mull details

Telecoms regulators in India have confirmed there will be a delay on their decision to clear Vodafone’s deal to buy a controlling stake in Hutchison Essar.

The announcement is the latest problem for Vodafone in its proposed bid for a 57 per cent stake in Essar for $11.1bn (£5.7bn).

The regulators want to extend their consultation period so they can assess whether the current arrangement puts too much control into the hands of the British operator. India has strict rules on foreign investment.

Vodafone remains cautious, saying Friday that it is confident the deal will go ahead.

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