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Hutchison Essar consolidates mobile operating companies in India

05-February-2005
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Hutchison Essar consolidates mobile operating companies in India

The Hutchison Essar group of companies has consolidated its various mobile interests in India (which operate under the Hutch and Orange brands) under a single entity. All requisite Indian government and regulatory approvals, consent and permissions for effecting the consolidation have been obtained.

The shareholders of the group’s various companies have transferred all their shares to Hutchison Max Telecom (HMTL), making it the holding company for all the cellular operations of the Hutchison Essar Group.

The group is also intended to rename HMTL as Hutchison Essar Ltd. as soon as possible. The consolidation has created one of the largest mobile operations in the country with a footprint comprising 13 circles. It is expected to derive many operating synergies, including more efficient management and a more effective use of resources and funds between the various operating companies. In addition, management believes that the new consolidated company will be better placed to access the debt and equity markets in India.

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