Hutchison Telecom International (HTIL) today said it has entered into a three-year non-compete agreement with UK Mobile phone giant Vodafone as part of the $11.08 billion deal.HTIL board of directors, in a letter to shareholders, said the company has entered into a three year agreement with Vodafone, pursuant to which the Hong-Kong-based firm would not carry on any business in competition to Hutch-Essar in the country.HTIL cannot enter any business in India, establishment of telecom services or related infrastructure facilities or equipment, it said.Under the agreement, HTIL cannot offer jobs to any key employees of Hutch Essar within six months of completion of the sale.The sale is expected to be completed by either April 2 or the sixth business day after the last conditions have been satisfied for the deal, whichever is later, the letter said.On February 12, HTIL had sold off its controlling stake in India's fourth largest mobile operator Hutch-Essar to Vodafone for a consideration of $11.08 billion.Updated at 1215 hrs: Hong Kong-based Hutchison Telecom International (HTIL) will convene an extraordinary general meeting (EGM) of the shareholders on March 9 to vote on sale of its controlling stake in Indian mobile operator Hutch-Essar to UK mobile phone giant Vodafone.HTIL board of directors said in a circular to shareholders to vote on the agreement entered by it on February 12 to sell its 67% stake in Hutch-Essar, the country's fourth-largest mobile phone company, to Vodafone for a consideration of $11.08 billion based on an enterprise value of $18.8 billion of Hutchison Essar.Vodafone has been given an undertaking by Hutchison Whampoa, which was the registered holder of 49.66% stake in HTIL, that the vote will be in favour of the deal.
