The Hindu Business Line : IndusInd Telecom to get 5.11 pc stake in Hutch-Essar entity

INDUSIND Telecom Network (ITNL), a subsidiary of Hinduja TMT Ltd, will be allotted 5.11 per cent stake in the consolidated Hutchison Essar entity, said a notice to the stock exchanges sent by HTMT on Tuesday.

The Hinduja group is a joint venture partner with Hutch in Fascel, which runs GSM mobility services in the Gujarat circle.

ITNL will also participate in the acquisition of Sterling Infotech's Aircel operations by the Hutch group. This would be done to retain its stake of 5.11 per cent in the Hutch group, since the acquisition of Aircel will lead to a higher valuation for the group, said the notice.

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