| K M Thigarajan, chief executive officer, said: "We have got several interested parties for our 3.45 per cent equity in the consolidated entity. We consider this as our treasury investment and will unlock this at an appropriate value at the right time." |
| The company in a press release has stated that it has received "offers from some financial / strategic investors to buy out its holding in Hutchison Max Telecom ltd which are being evaluated for maximising shareholder returns." |
| Early this month, the Hutchison Essar group of companies consolidated its various operations in India under a single entity - Hutchison Max Telecom. This entity will be the holding company for all the cellular operations of the Hutchison Essar group and migrated all shareholders interest to Hutchison Max Telecom. |
| The shareholders of Hutchison Essar Telecom Limited (Delhi), Fascel Limited (Gujarat), Hutchison Telecom East Limited (Calcutta) (which wholly owns Aircel Digilink India Limited (UP East, Rajasthan, Haryana))and, Hutchison Essar South Limited (AP, Karnataka, Chennai, Punjab, UP West, West Bengal) and Aircel Digilink India Limited (UP East, Rajasthan, Haryana) transferred all their shares in these companies to Hutchison Max Telecom (HMTL) in return for the issue of new shares in HMTL. |
| After the consolidation which was completed on February 1 last year, Hinduja TMT, which held a stake in Fascel Ltd through its subsidiary IndusInd Telecom Network Ltd, received 5.11 per cent of the voting rights or a 3.45 per cent effective financial stake in the consolidated entity. |
| The other shareholders of Hutchison Max Telecom are Hutchison Telecom International with 42 per cent, the Essar Group with 26 per cent, Kotak Mahindra/Hutchison Telecom International joint ventures with 22 per cent and the remaining between Sumitomo and Max India. |
| The shareholders of the Hutchison Max have previously indicated that they intend to seek a listing of the company by June 30. |
Top Section
Explore Business Standard