After Reliance, Vodafone, TPG, Essar, Maxis, Orascom, Blackstone, Hinduja (India) says it is interested in Hutchison Essar majority stake. It seems that Maxis is already out. Reliance has received support of Blackstone, Apax Partners, Carlyle and KKR, each ready to invest between $1.5bn and $2bn in Hutchison Essar for a 12%-15% stake. Reliance would have also secured up to $15bn in bank funding. What is clearer now is the Essar position. Essar has a limited but real refusal rights to bidders for stake in Hutchison Essar, and so on the future of the JV. This refusal right may be limited to 3 Indian rivals: Reliance, Bharti and Tata Group. So analysts are now thinking that main contenders are Hinduja, ahead of Essar, Vodafone and Orascom. The Hinduja offer, still to be unveiled, has the big advantage to keep Hutchison Essar an Indian company.