Max Telecom has 1.8 per cent stake, while the remaining is owned by IL&FS, sources said but declined to divulge details on the pricing. Hutch-Essar has presence in 13 telecom circles in the country.
About two months ago, Essar Group had bought 64 per cent stake in BPL's mobile operations for $1.1 billion, making it the largest acquisition in the telecom sector, for which the group has now entered into a deal with Hutch-Essar JV for selling BPL's stake.
If they decide to buy Max and IL&FS's stake in the JV, Ruias' stake in the JV would go up to about 33.4 per cent from 30.43 per cent now.
Max India had earlier this week said that it would completely liquidate its stake in the telecom business by divesting its residual stake of less than two per cent in the cellular operator Hutchison India.
"Our stand is very clear... We will divest our 1.8 per cent stake in Hutchison India to take care of the financial needs of the company. We are just waiting for an opportune moment," Analjit Singh, Max chairman had told PTI.
Asked as to what would be that opportune time, he had said, "We are treating our stake in the cellular company as investment...Hutch is likely to come with an IPO some time in the last quarter of this fiscal and Max India will sell its stake around that time." IL&FS officials could not be contacted for their comments.
