Essar takes stake in Hutchison East

6 Jan 2004

India’s Essar Group has purchased a 30% stake in Calcutta-based mobile operator Hutchison Telecom East in an all-stock deal, the value of which was not disclosed. Hong Kong-based Hutchison will continue to hold a 49% stake in the company, whilst Essar and Kotak Mahindra Bank will together own the remaining 51%. Hutchison Telecom also offers services in Delhi under the Hutch brand and in the key telecom circles of Mumbai (under the brand name Orange), Kolkata (Command) and Gujarat (Celforce).