Mumbai: The Hinduja group today commenced its due diligence on mobile telecom services operator Hutch-Essar. The group has retained Banco Santander, Spain''s leading bank for financing the multi-billion dollar deal.

According to Ashok Hinduja, executive chairman, Hinduja TMT, the due diligence had started. He said since it was a very big deal it would be premature to say how long it would take.

He, however, refused to disclose the composition of its professional team that would scrutinise Hutch-Essar`s books, saying there was a non-disclosure agreement with the partners.

The company has put together a team of 30 professionals of legal, accounting and financial advisers.

The group is believed to have retained the services of Fox & Mandal, among the country`s oldest and largest full service legal firms as legal adviser to and US-based consulting firm Deloitte and Touche as adviser to the deal.

Banco Santander is Spain`s most important private bank with a network of branches, and equity holdings in other banks and acquisitions beyond Spain to Portugal and the UK.

Though keen on acquiring the mobile venture, the rivsal bidders are unlikely to fuel a bidding war. Vodafone CEO Arun Sarin had said during his visit to India last month the UK mobile operator "would not pay over the top" in the multi-billion-pound battle.

Sarin had told analysts last week that final bids in the auction for control of Hutchison Whampoa''s stake was "weeks away" and the probability of Vodafone''s success remained "very hard to call".