Ruia brothers not selling their stake in Hutch Essar

Ruia brothers, who held the 33% stake in Hutch Essar - a colaboration between the Hong Kong based Hutchison group and Indian company Essar, have decided to not sell their stake to Vodafone who are buying the entire Hutchison stake in the company. Ruias are reportedly foregoing in excess of $ 3 billion while deciding to holding on to their stake in the company that figures in top 5 mobile telecom vendors in India.