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Hutch wants to consolidate all group companies

15-June-2004
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Hutch wants to consolidate all group companies

Hutchison Max Telecom (HMTL) has filed an application with the Foreign Investment Promotion Board (FIPB) for the Hutchison Essar Telecom group of companies to consolidate its various telecom interests in India under a single entity.

The application is to allow the shareholders of Hutchison Essar Telecom Limited (Delhi), Fascel Limited (Gujarat), Hutchison Telecom East Limited (Kolkata), Hutchison Essar South Limited (AP, Karnataka, Chennai, Punjab, UP West, West Bengal) and Aircel Digilink India Limited (UP East, Rajasthan, Haryana) to transfer all their shares in these companies to HMTL and then become shareholders of HMTL.

The consolidation will create one of the largest mobile operations in the country, which can derive many operating synergies. The combined subscriber base of the entity at the end of May was 5.6 million and the licensed areas cover approximately 56 per cent of India's population and about three-fourth of its purchasing power.

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