Hinduja sells 5.1% stake in Hutch-Essar

Hinduja sells 5.1% stake in Hutch-Essar

Hong Kong-based telecom operator Hutchison and some Indian investors are acquiring the 5.1% stake of Hinduja TMT in the unlisted cellular company Hutch-Essar Limited.

This deal is worth around a massive 450 million dollars. This deal would expand the Hutchison’s total holding in the Indian telecom major to nearly 47 per cent. Essar Group holds around 33.6 per cent in the company.

The deal is fairly profitable for the Hinduja group as this stake originally cost them about $100 million.

Essar on their part have backed down from their efforts to increase their stake in this mobile company working in the Indian market. The company had bought 3.2 per cent stake in the company last year from Max India’s Analjit Singh for $147 million.