Did Vodafone overpay?

Vodafone valued Hutchison Essar at US$19 and is willing to buy out the Essar holding after being declared the winner in the bid for the Hutchison race.
From Hutchison expressing its desire to be sold to Vodafone winning the bid - there was a lot of speculation as to what is the right price?
Some facts:
1. Hutch is the 3rd largest mobile operator - subscriber base of about 22million
2. Hutch is a GSM operator - Indians seem to favour GSM [Reliance, a CDMA operator, is showing interest in GSM - even bid for the Hutchison 67%]
3. Indian telecom penetration is less than 16% [huge market potential]
4. Subscriber growth in India - 6million users a month - ain't that worth trying?
5. Vodafone already had 10% in Bharti Airtel - the leading cell phone operator.
6. India currently has the 2.5G systems. 3G deployment stalled due to regularization issues for frequency and spectrum by TRAI.
7. Huge initial investment for 3G spectrum in Europe lead to the 3G not being such a big success as expected.
8. 3G issues will be sorted soon. Huge Capital investment needs to be made for the 3G infrastructure.
9. In India, broadband is speed above 256kbps - the Internet is very very slow. 3G is a system more for faster data applications. Voice and sms sees no difference.
10. Will 3G be as successful as 2G and 2.5G in a cost conscious Indian market?

So, Vodafone took a top player seat in an emerging market with huge market potential and ready to step on to 3G. But did Vodafone overpay?