The Essar Group, which owns 33 per cent of Hutch Essar and had also been bidding for the 67 per cent being sold by Hutchison Telecommunications International Ltd., confirmed the deal today. ‘‘We have been offered by Vodafone to be their partner,’’ the Essar group said in its statement. ‘‘We are at the moment evaluating all our options in the best interest of the group.’’

‘‘Vodafone offer values Hutchison Essar at around 19 billion dollars. This is a good price which reflects the premium position of Hutchison Essar as India’s leading operator,’’ Essar said.

A source close to the matter earlier told Reuters that Vodafone had won the bid battle for the 67 per cent stake, defeating India’s Reliance Communications and Hinduja group, as well as Essar.

Vodafone declined to comment and Hutchison was not immediately available for comment.

The deal is a critical move by Vodafone Chief Executive Arun Sarin, who is under pressure amid slowing growth in Vodafone’s core European markets to expand the business while at the same time not overpay for acquisitions.

India is the world’s fastest-growing major mobile phone market and Hutchison Essar has a market share of 16 per cent.

Vodafone currently has a 10 per cent stake in India`s number one player Bharti Airtel Ltd but Bharti chairman Sunil Bharti Mittal had said it was not keen to sell a further stake to the British group.

The deal for Hutch Essar could see Vodafone selling its stake in Bharti, as it could have a controlling stake in Bharti`s rival.

Foreign investors are limited to owning 74 per cent of an Indian mobile operator, and so Vodafone will have to seek a local partner for Hutch Essar.

Hutchison Telecom is a unit of the Hutchison Whampoa Ltd. conglomerate controlled by Hong Kong billionaire Li Ka-shing.

-SANTOSH MENON & HIMANGSHU WATTS

Hindalco strikes $6 bn deal to take Novelis

MUMBAI: Corporate major Aditya Birla Group on Sunday said it was acquiring US-based Novelis for six billion dollars, a deal that would make them the world’s largest rolled aluminium producer. The all-cash acquisition of Novelis by Hindalco was announced by Group chairman Kumar Mangalam Birla.