ESSAR
BUYS HUTCHISON'S 3.43% FOR $61 MILLION
Essar Teleholding,
the telecom arm of the Essar group, has bought an additional
3.43% stake held by Hutch group company Usha Martin Telemetics
in Hutchison-Essar for Rs 267 crore ($61 million). This would
take the total valuation of the company to Rs 7,784.25 crore.
However, the current valuation may not be the same as the
agreement including the price reached around three years ago.
The purchase follows
an agreement between Hutchison, Essar and Usha Martin Telematic
as part of which Essar had the option to purchase 3.43% of
Hutchison-Essar at the original acquisition price for the
Kolkata licence plus a carry cost. Currently, Hutch-Essar
has an all-India subscriber base of around 8 million.
