Date:16/02/2005 URL: http://www.thehindubusinessline.com/2005/02/16/stories/2005021602300900.htm

Back HTMT in talks to divest Hutch stake

Our Bureau

Mumbai , Feb. 15

HINDUJA TMT Ltd (HTMT) is in negotiations for divestment of its telecom investments, namely its 3.45 per cent stake in Hutchison Max Telecom Ltd (HMTL).

HTMT has received offers from some financial/strategic investors to buy out its holding in Hutchison Max Telecom Ltd, said a statement today. The offers are being evaluated for maximising shareholder revenue, it said.

Following the consolidation of Hutch's operations in the country, HTMT has received 5.11 per cent of the voting rights in HMTL or a 3.45 effective financial stake in it.

Earlier, HTMT held a stake in Fascel Ltd through its subsidiary IndusInd Telecom Network Ltd.