News

Hinduja TMT Sells Telecom Stake of Hutchison Essar

Hinduja TMT Ltd. has sold its entire holding of 5.11 percent stake in Hutchison Essar Ltd. to a unit of Hong Kong-based Hutchison group for USD 450 million in cash.

The proceeds of the transaction would help Hinduja pursue an acquisition in its business process outsourcing division and enter new areas such as Internet telephony under the media business, Chairman Ashok Hinduja said.

With the selling of the stake, Hinduja exits from the telecoms business, but the company said that it might return to the sector some time later.
Hutchison said that with the completion of the transaction, group companies would control about 67 percent in Hutchison Essar, while 33 percent is held by Ruais of the Essar Group.


print	save	email	comment