Mumbai, Jan. 10: The Ruias of the Essar group are not rising to the Vodafone bait of a joint bid for Hutchison Essar (Hutch Essar).

Armed with funding support from leading banks and the conviction that they could win the race on their own, the group is planning to go it alone and bid for the 67 per cent stake that Hutchison Telecom International (HTIL) intends to sell in Hutch Essar.

The Vodafone CEO indicated that he was also open to joining hands with Essar, which has a 33 per cent stake in Hutch Essar, even as he described the Ruias as “good partners”. Despite this overture, the Ruias are not falling for it, at least for now.

Sources said, “The group is looking to acquire the entire 67 per cent on its own and is not keen on partnering with any of the bidders.” However, officials from the Essar group declined to comment.

Reports say five banks, including Morgan Stanley, Standard Chartered, Citibank, Merrill Lynch and Lehman Brothers, have extended funding pledges worth $25 billion to Essar.

Sources added that these banks today commenced the due diligence exercise of Hutch Essar at the latter’s office in Lower Parel, Mumbai. The process is expected to last for two days. R-Com is next in line after Essar.

Sources close to the Essar group maintain they can wait for someone to make the first bid and then decide whether to match it because of the right of first refusal they enjoy.