The case discusses Vodafone's acquisition of Hutch Essar Ltd (a mobile company operating in India). The situation unfolds in 2006-07. The Indian telecom market, especially the mobile segment, had been booming and valuation of Indian companies was very high. Foreign companies operating in stagnant developed markets saw Indian markets as drivers of growth. The case discusses diverse issues such as timing of entry, strategic fit of the company being acquired, regulatory road blocks all leading to issues of valuation of the enterprise. The case also highlights the finer aspects of M&A in the telecom sector under the Indian regulatory regime.