Hindujas join Hutchison Essar fray
The Hinduja group, the Indian transport to telecoms investment conglomerate, has announced that it is interested in buying a stake in Hutchison Essar, adding that it was unlikely to settle for anything less than 51%. ‘We have expressed our intention to Hutchison and we are waiting for confirmation whether they want to sell the stake,’ Ashok Hinduja, executive chairman of Hinduja TMT said.
The Hinduja Group is no stranger to Hutchison Essar: in July last year it sold its remaining 5.11% equity stake in the company. At the time Hinduja executives were quoted as saying that they were open to reinvesting in the business by buying out Essar or Hutchison. The Hindujas acquired their stake in Hutchison Essar via its 60% holding in Fascel, the original cellular operator in Gujarat, with was subsequently subsumed by Hutchison Essar.
