Max to exit telecom biz

Max India on Monday said it would completely exit from the telecom business by divesting its meagre stake of about two per cent in the cellular operator Hutchison India to raise funds for its healthcare and insurance services.

"We are planning to divest our 1.8 per cent stake in Hutchison India to take care of the financial needs of the company. We are waiting for an opportune moment," B Anatharaman, joint managing director Max India said.

Asked as to what would be that opportune time, he said, "Hutch is likely to come with an IPO some time in the last quarter of this fiscal and Max India will sale its stake around that time."

He further added that the valuations for the telecom stakes were growing. "We hope that our stake will garner a significant amount."

"The proceeds raised through the stake sale will be used by the company in its healthcare and insurance ventures," Anatharaman said.