A process for the preparation of the formula Ar13−xP[(Ar2(OZ)y]x  I wherein Ar1 and Ar2 are individually aromatic of 6 to 20 carbon atoms or heteroaromatic of 4 to 9 carbon atoms, each unsubstituted or substituted with at least one member of the group consisting of halogen, carboxyl, —OH, alkyl of 1 to 6 carbon atoms, phenyl and naphthyl, Ar1 has one valence and R2 has y+1 valences, x is an integer of 1, 2 or 3, y is 1 or 2, Z is carbohydrate with a glycosidic bond comprising reacting a hydrocarbon halide of the formula Z′—X  II when Z′ has the definition of Z with —OH protected and X is chlorine, bromine or fluorine with a phosphane of the formula Ar13−xP[(Ar2 (OH)y]x  III in a multi-phase reaction medium in the presence of a base and a phase transfer catalyst to form a phosphane of the formula Ar13−xP[(Ar2(OZ1)y]x  IV and removal of the protective groups to form a compound of Formula I, metal complexes thereof and various processes.