Hinduja TMT to divest Hutch stake

Hinduja TMT has received offers from financial/strategic investors to buy its 3.45% financial stake in the consolidated Hutch firm - Hutchison Max Telecom.

According to a release issued by Hinduja to the BSE today, the company, which held a stake in Fascel through its subsidiary IndusInd Telecom Network, "has received 5.11% of the voting rights, or a 3.45% effective financial stake, in Hutchison Max Telecom."

"The shareholders of Hutchison Max Telecom have previously indicated that they intend to seek a listing of the company by June 30, 2005," the release added.