hutchison-increases-stake-in-indian-telecom-venture

Hutchison increases stake in Indian telecom venture

Hutchison Telecommunications International acquires 5.11% stake in unlisted Indian telecom company Hutchison Essar for $450 million taking direct and indirect shareholding to 67%.

By Sameera Anand

July 02, 2006

Hutchison Telecommunications International HTIL confirmed on Friday, June 30 HTILÆs acquisition of a 5.11% stake in unlisted Indian telecom company Hutchison Essar from Hinduja TMT for $450 million. The stake was acquired by Hutchison Telecommunications India, an indirect wholly owned subsidiary of HTIL, which is an associate company of Hutchison Whampoa. HTIL will now directly and indirectly control 67% of Hutchison Essar.

Dennis Lui, CEO of Hutchison Telecom says ôThis transaction reaffirms our commitment and interest in Hutchison Essar and better positions us for further developmentö. Hinduja TMT Chairman Ashok Hinduja comments, ôthe Board decided to monetise its investment in Hutchison Essar to unlock the value for its shareholders and accepted the...

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