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India’s top wireless operator plans to raise as much as $1.5 billion by listing a quarter of equity in its Africa unit by early 2019 in either London or South Africa.
Schneider will own 74% of the unit when the deal is complete, while Temasek will own the rest.
The revised offers are being submitted after Fortis’s board last week said it will only consider binding bids.
The German lender is considering keeping the operations after former Chief Executive Officer John Cryan stepped down this month.
The move would overturn a decision the lenders made last month to support an offer from a rival consortium that includes Dalmia Bharat, and a Bain Capital-backed fund.
The case will be heard in the company court in Ahmedabad.
The investor group, which also includes Manipal Health, could announce a deal as soon as the next few days. Under the plan being discussed, the operations of closely-held Manipal — whose backers include TPG and Temasek Holdings — would be combined with those of Fortis.
The consortium led by VTB is up against ArcelorMittal, the world’s biggest steelmaker, that last month submitted a higher offer than the former.
UltraTech, controlled by Kumar Mangalam Birla, is competing with a consortium led by Dalmia Bharat Ltd., which has been chosen as the highest bidder.
The process could be delayed as UltraTech, India’s biggest cement maker, has approached the NCLT with complaints on how the Binani sale process was run.