HTMT to get 5.11% voting rights in Hutch

The Hinduja TMT will effectively get 5.11% voting rights in the consolidated Hutchison entity which will be formed after bringing its four associate cellular ventures, including Fascel, under one entity in which HTMT holds 30% stake at present.

On consolidation of Hutchsion's four associate cellular venutres in India, HTMT's stake in Fascel through its subsidiary, Indusind Telecom Network (ITNL), will result in 5.11% control of voting rights or 3.45% effective financial stake in the consolidated Hutch entity, MD and CEO of HTMT Thiagarajan said.

The company will get approximately two-third of the 5.11% at 3.45% as effective financial stake in the consolidated entity.

Thiagarajan said the company is also evaluating proposals from
strategic investors and financial investors to offload its 30% stake in Fascel. Hutchsion holds 49% stake in the company and HTMT holds 30% through its subsidiary Indusind Telecom.

"We will act in the interest of our shareholders while finalising any deal on selling our stake," Thiagarajan said.

With FIPB's approval of Hutchison's application for consolidation of its four associate cellular ventures - Hutchison Essar Telecom, Hutchison Telecom East, Fascel and Hutchison Essar South with Hutchison Max, the Fascel consolidation into Hutchison is now in motion.