Responding to an allegation at an arbitration hearing between Vodafone and the Essar Group, Essar has disclosed that BPL Mobile raised $80 million (around Rs. 357 crores), from a "Mauritius-based company owned by an international institutional fund" for 17 percent equity. The money was raised to finance BPLs expansion, and fund its stake in Loop Telecom. The Mauritius based company used by the fund to make the investment is reportedly called Gypsy Rover. The context of this announcement is critical: Vodafone has won an order, freezing the shares of BPL and its subsidiary Loop Telecom. Loop has licenses for providing mobile services in 21 circles in India (BPL operates in Mumbai). Essar and Vodafone are partners in Vodafone-Essar; Voda has 67 percent stake in the co, while Essar has 33 percent. The bone of contention is BPL Mobile, in which…
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