The board of Vodafone will meet tomorrow to consider a $13.5 billion (£6.9 billion) offer for Hutchison Essar, India’s fourth biggest mobile phone operator.

A move for the Indian arm of the Hong Kong-based communications giant Hutchison Whampoa could be the largest offer ever for an Indian firm.

Vodafone executives are understood to be planning to present an offer to Canning Fok, managing director of Hutchison Whampoa, and Ravi Ruia, vice-chairman of Essar, on Friday, when both are scheduled to be in London.

Although it is not certain that Vodafone’s board will decide to make a bid for Essar, the world’s biggest mobile phone operator has made clear that it is looking for new acquisitions and has ambitions to boost slowing growth in its European businesses by buying assets in emerging markets.

A successful acquisition of Essar would give Vodafone better access to the world’s fastest growing mobile phone market.

Vodafone already holds a minority 10 per cent stake in India’s biggest wireless operator, Bharti Tele-Ventures, but is likely to have to sell that holding if a tie-up with Essar goes ahead. That relationship may further complicate any tie-up with Essar as the shareholding agreement with the Bharti group is thought to bar Vodafone from competing with Bharti for one year after the sale of its shares in the Indian company.

Restrictions on foreign ownership of Indian companies would also prevent Vodafone from directly holding more than 74 per cent of Hutchison Essar. Vodafone may have to take a minority stake or find an Indian partner to take the remaining 26 per cent.

Hutchison Essar is 67 per cent owned by Hutchison Telecom International and 33 per cent by Essar, an Indian conglomerate with shipping, steel and oil interests controlled by the Ruia family. It is unclear whether Essar could prove to be a ready partner or would insist that its stake was also sold.

Vodafone declined to comment. The company is likely to face competition in a bid from Reliance Communications, an Indian operator, which is thought to have teamed up with private equity houses including Blackstone to consider an offer for Hutchison’s stake.

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