Hutchison holds a 52 percent stake in Hutchison Essar and the Ruias-promoted Essar group 33 percent, while the rest is held by Analjit Singh of Max India and Hutchison Essar CEO Asim Ghosh.
The Monopolies and Restrictive Trade Practices Commission has issued notices to mobile operators Bharti Airtel, Idea Cellular and Hutchison on a complaint over downloading of ring tones.
The Asia-Pacific Mobile Alliance plans to promote voice, video and data via members' GSM/GPRS and W-CDMA networks.
Says cap breached on account of Singh, Ghosh stakes.
Just six months after pulling out of Hutchison Essar, the Hinduja group is set to throw its hat into the ring for the country's fourth largest telecom company.
Hinduja group company Hinduja TMT Ltd said on Thursday it has completed the sale of its entire stake in Hutchison-Essar Ltd for over Rs 2,089 crore (Rs 20.89 billion).
Financing would not be an issue for the group that had business interests in global finance, telecommunications, film, oil and the automotive sector.
Law ministry tells finance ministry to inquire into the acquisition of Hutchison-Essar further.
Having lost the battle for Hutchison Essar, Anil Ambani-controlled Reliance Communications is drawing up plans to invest up to $2.5 billion.
A report in The Observer on Sunday said the bidding war for telecom firm Hutchison Essar will erupt again, with Britain's Vodafone preparing to table a fresh offer that would value the target at up to 19 billion dollars.
The Ruias of Essar have informed merchant bankers that they have 'veto powers' to prevent any buyer of Hutchison Whampoa's 67 per cent stake in Hutchison-Essar from using its own brand name.
The clarification comes a day after Vodafone signed a shareholders' agreement with the Essar group.
Essar Global Fund, the Ruia company that invested $1.3 billion in telecommunications, towers and business process outsourcing over the years, made $6.5 billion, a five-fold return, when it flipped these businesses, according to discussions the group has had with merchant bankers.
The first notice in the transaction relating to the sale of 67 per cent stake of Hutchison Essar Ltd was issued on March 15, 2007, under section 133(6) of the Income Tax Act.
Ahead of the key vote by Hutchison Telecom shareholders on sale of Indian assets to Vodafone, the Hong Kong-based firm and its minority partners in Hutch-Essar have asserted that their investments met foreign direct investment norms
The Ruias, Anil Dhirubhai Ambani group, Hindujas and Vodafone are all believed to have put in their bids.
According to reports, the deal, if successful, could fetch Hutchison as much as $14 billion and would be Asia's largest private equity deal.
Cellular service provider Hutch will spend Rs 200 crore (Rs 2 billion) on network expansion in Rajasthan this year.
Hutchison Telecom is expected to complete the sale of its 67 per cent stake in the country's fourth largest telecom company, Hutchison Essar, before the Chinese New Year holiday, which begins February 17.
For Orascom, the real jewel in HTIL's crown was Hutchison Essar, India's fourth largest mobile phone company and a natural complement to its existing operations in Pakistan and Bangladesh.
The admission comes as it seeks to ensure approval of the deal by Indian regulators under restrictive foreign investment laws.
Hutchison has made it clear to prospective bidders that it can sell its 67 per cent stake in Hutchison Essar without offering the first right of refusal to the Ruias who hold the remaining 33 per cent in the joint venture.
The UK group bought a 52 per cent stake in the Indian company in May, which is now called Vodafone Essar. Mumbai-based Essar Group owns 33 per cent, with Asim Ghosh, Vodafone Essar managing director, and Indian businessman Analjit Singh owning the remaining 15 per cent.
Hutchison Telecom, the Hong Kong- based mobile major, on Tuesday said its first-half profits ended June have risen from the sale of its Indian assets to UK's Vodafone that included a one-time gain of Hong Kong dollars 69.3 billion.
Reliance Communications, along with Malaysian telecom major Maxis, has confirmed its interest in picking up a stake in Hutchison Essar.
Ambani to up ante by $3 bn on Ruia's hint at larger premium.
The Foreign Investment Promotion Board has expressed dissatisfaction with the replies given by Hutchison Essar, its Hong Kong-based parent Hutchison Telecom International
The FIPB referred the matter to the law ministry today.
The Ruias have received overwhelming response from international banks for funding of their proposed bid to pick up Hutchison's 67 per cent equity stake in Hutchison-Essar Ltd, in which they hold the remaining stake.
Buoyant stock markets and booming telecom sector appear to have generated some interest among global equity players with Blackstone and Texas Pacific approaching Hutchison to buy stake in its India venture but the move could face hurdles.
Reliance Communications chairman Anil Ambani on Thursday met Finance Minister P Chidambaram and senior DoT officials, even as his company started examining the books of Hutchison Essar Ltd for a possible bid.
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