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The Hindujas are slated to buy out the 1.23 per cent beneficial stake in Hutchison Essar

April 15, 2006
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The Hindujas are slated to buy out the 1.23 per cent beneficial stake that Sumitomo has in Hutchison Essar. Sumitomo holds the stake through a joint venture with the Hindujas-owned IndusInd Telecom Network Limited (ITNL). Sumitomo currently holds 24.15 per cent in ITNL through a wholly owned arm, Pacific Horizon. ITNL, in turn, holds 5.11 per cent in Hutchison Essar, which gives Sumitomo a beneficial stake of 1.23 per cent in the telecom operator. Hinduja group company Hinduja TMT will now be acquiring Sumitomo's holding company, Pacific Horizon. The amount of the deal has not been disclosed. The transaction will be split into two stages wherein the Hindujas will acquire 50 per cent of the shares of Pacific upfront and the remaining 50 per cent will be acquired at a later stage.

The date for the second stage of the transaction has not yet been fixed. After the completion of the transaction, the Hindujas will own 5.11 per cent in Hutchison Essar.

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