Hinduja TMT has put its 3.45 per cent stake in cellular operator Hutchison India on the block.
K Thiagarajan, managing director and chief executive officer, HTMT, said: "We are planning to divest our investment in Hutch and are holding meetings with a number of players, both from telecommunications and investment banking."
HTMT is exiting from the venture and the consideration would be used for growing its business process outsourcing and information technology-enabled services through the inorganic route.
The company is looking at BPO and ITeS companies in the country and internationally, which would enable it to strengthen its global delivery model.
He, however, neither divulged the offer price nor the prospective buyers, but said HTMT's 3.45 per cent stake would add up to a "significant amount". The company had posted net profit and was accumulating customers.
Max India, another stakeholder, said it would exit from the telecom business by divesting its 1.8 per cent stake in Hutchison India. The divestment was to raise funds for its healthcare and insurance services.
Unlike HTMT, Max would exit from the cellular operator when the latter comes out with an initial public offer (IPO) sometime during the last quarter of this fiscal.
According to a valuation in June 2004, the company was valued at Rs 9,000 crore (Rs 90 billion), while the company had also added Rs 1,600 crore (Rs 16 billion) from the acquisition of Aircel.
The company in November 2004 had sold its 14.9 per cent stake to Warburg Pincus at Rs 200 a share, inclusive of a premium of Rs 190. The stake was sold to Madison Holding and Melany Holdings, registered broad-based sub-accounts of Warburg Pincus International LLC.
According to available data, the parent company Hutchinson Whampoa holds 46 per cent stake in the Indian venture, while Essar holds 26 per cent, Kotak Mahindra 22 per cent and HTMT holds 5.11 per cent (an effective 3.45 per cent), while Max India holds a two per cent stake.
