Financial Daily from THE HINDU group of publications
Tuesday, Aug 30, 2005
Financial Daily from THE HINDU group of publications Tuesday, Aug 30, 2005 |
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Info-Tech
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Telecommunications Hutchison Max renamed Hutchison Essar Our Bureau
Mumbai , Aug. 29 THE Hutch-Essar combine, a pan-India GSM wireless operator, which is in agreement to buy out BPL Mobile, is readying itself for an Indian float.The company has now changed its name to reflect the consolidation of its entities, even while the CEO of Hong Kong-based Hutchison Telecom has mentioned an Indian listing in the offing. Having consolidated its five entities under Hutchison Max Telecom Ltd (HMTL) earlier this year, the name of the company is now being changed to Hutchison Essar Ltd, said a news release from the group. Essar Teleholdings' stake in Hutchison Essar is over 30 per cent. The Hutch-Essar subsidiaries include Hutchison Essar Mobile Services, Hutchison Telecom East, Hutchison Essar South, Aircel Digilink India and Fascel. Having established itself as a major entity in the Indian mobile phone industry today, this consolidation reinforces the company's commitment towards further strengthening and expanding its services across the nation, said the release. The group has over 8.8 million subscribers in India. Mr Dennis Lui, Chief Executive Officer of Hong-Kong based Hutchison Telecom International, said, "This change in the name of the company is the next natural step in the consolidation of the various joint ventures that have resulted in this entity. Hutchison Essar Ltd will now further reinforce the company's presence in India. " Commenting on Hutchison Essar Ltd, Mr Ravi Ruia, Vice-Chairman, Essar Group, said, "After the amalgamation of the various entities under HMTL, the name change consolidates and recognises them as one entity, committed to expanding its services." Hutchison Essar provides cellular services in 13 circles — Mumbai, Delhi, Kolkata, Chennai, Gujarat, Andhra Pradesh, Karnataka, UP East, UP West, Rajasthan, Haryana, Punjab and West Bengal. .
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