Hutch declines comment on reported talks with Reliance for Essar sale

19 Dec 2006

Hutchison Whampoa has declined to comment on reports that the group is in talks to sell its stake in its Indian telecom joint venture, Hutchison Essar, to Anil Ambani’s Reliance Communications (RCOM). ‘We can’t comment on such speculation,’ a company spokeswoman told XFN-Asia. Hutchison Whampoa is the controlling shareholder of Hutchison Telecommunications International which in turn owns 67% of Hutchison Essar. India’s Business Standard reported that Reliance is seeking to buy 100% of Hutchison Essar and that it has approached both Hutchison and its joint venture partner, the Ruias, to buy their stakes.