BEIJING, March 16 (Xinhuanet) -- Vodafone Chief Executive Arun Sarin and Ravi Ruia, vice chairman of Essar, signed a partnership agreement Thursday in New Delhi, laying out the details of how they intend to operate Hutchison Essar Ltd. -- India's fourth-largest mobile phone company with about 24 million customers.

    A provision of the deal between Vodafone and Essar is Hutchison Essar will be renamed Vodafone Essar Ltd., the Vodafone statement said.

    "In due course, that the business will market its products and services under the Vodafone brand," the statement said, without detailing any timeframe.

    Britain-based Vodafone won a bid last month to buy a controlling 67 percent stake in Hutchison Essar, a joint venture between Hong Kong-based Hutchison Telecommunications International Ltd. and the Essar group.

    The stake Vodafone, the world's largest mobile phone company, is buying for 11.1 billion U.S. dollars in cash comprises the 52 percent equity held by Hutchison Telecom and a combined 15 percent stake owned by two individual Indian investors.

    The deal with Essar, which holds the remaining 33 percent equity, is important for Vodafone to complete the acquisition because Indian laws do not allow more than 74 percent foreign equity in telecommunications.

    Vodafone's bid to acquire Hutchison's stake is also pending for approval by the government.

    Vodafone will take operational control of the company, while Essar's representation on board of the new company will be proportionate to its shareholding, the statement said.

    Essar's Ruia will be appointed chairman to the board of the new company, that also will have Vodafone CEO Sarin as vice chairman.

    "Essar has played a key role in transforming this business into a leading Indian mobile operator," the statement quoted Sarin as saying. "We look forward to leveraging this experience and working with our partner as the company enters its next phase of growth in the attractive Indian telecommunications market."

    (Agencies)