FIPB seeks data on Hutch's shareholding pattern

The Foreign Investment Promotion Board (FIPB) on Tuesday sought full disclosure of Hutchison Essar Ltd's shareholding pattern, and said that every stakeholder would have to inform the board separately.

After Orascom Telecom of Egypt acquired a 23 per cent stake in Hutchison Telecom International Ltd (HTIL), granting it a beneficial 12.26 per cent stake in Hutchison Essar and board positions, Essar sought an examination of the deal from the angle of national security.

Last week, the board took note of the change in HTIL's stake in Hutchison Essar from 49 per cent to 68.09 per cent.