ET reports that Egyptian Telecom giant, Orascom Telecom Holdings is in talks with Hutchison Telecommunications International Limited (HTIL) to take control of HTIL. Late last year, Orascom bought 19.3% stake in HTIL, giving it an indirect stake of 10% in Hutchison India and a board reprsesntation as well. This move by HTIL, without taking their Indian partner, Essar TeleHoldings into complete confidence is the main cause for the ongoing rift between Essar and HTIL. It is reliably learnt that Essar will spare no efforts this time to lobby against any such moves by HTIL to sell out to Orascom. Essar will play the National Security card in the corridors of Delhi because Orascom controls one of Pakistan’s largest cellular company, Mobilink.
On the second thought, we at goBroadband, unveiled that HTIL derives 45% of the groups turnover of HK$15,666 Million.[PDF] It will be a bad move on part of HTIL if they sell out at a time when the Indian market is the fastest growing mobile market in the world. With Essar group identifying Telecom as a core business area, it will be a tough battle for Orascom to take control of Hutch in India.
Greetings from foggy San Francisco. Can anybody please email me at leftbank@hotmail.com and tell me where I can find charts on Orascom? I want to buy it and it is sold here over the counter, but for some reason there are no charts…I would really appreciate it.
Many thanks! Mike