Mobile operator Hutchison Telecom, taken over by global giant Vodafone, has doubled its customer base while earnings and revenues swelled over between 50-55 per cent last year.
Hutchison Telecom is confident of reaching two million customers by December 2002, according Hutchison Telecom East Ltd Managing Director Asim Ghosh.
Amid a government scrutiny into the alleged breach of FDI norms by Hutchison Telecom International, the Hong Kong-based firm on Monday asserted its Indian mobile venture Hutch Essar Ltd (HEL) did not violate any regulations.
Bombay High Court had earlier dismissed a petition filed by Vodafone and ruled that the tax office had jurisdiction to tax its 2007 deal.
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.
The admission comes as it seeks to ensure approval of the deal by Indian regulators under restrictive foreign investment laws.
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.
UK's Vodafone is learnt to have approached the Foreign Investment Promotion Board for approval to acquire 52 per cent stake of Hong Kong-based Hutchison Telecom in mobile firm Hutch-Essar and also for investing in telecom activities.
As top bosses of Vodafone and Essar arrived in Hong Kong to negotiate a deal for acquiring Hutchison Telecom's Indian business, its parent company has indicated it will not consider any offer below $14 billion.
Sunil Mittal's Bharti, in which British telecom firm Vodafone has 10 per cent stake, said on Thursday it is yet to hear a final word from the UK-based operator on its plans to buyout Hutchison Telecom's stake in Indian joint venture Hutch-Essar.
Undeterred by the controversy surrounding its acquisition of Hutch-Essar, Vodafone asserted on Monday it was fully compliant with the foreign direct investment regulations as it had 'only stepped into the shoes of Hutchison Telecom.'
Private mobile service provider Hutch-Essar on Friday said its operations across 13 circles in the country have been consolidated under a single entity - Hutchison Max Telecom.\n
The Foreign Investment Promotion Board on Friday cleared 68 per cent foreign shareholding in cellular company Hutchison Essar, including the 10 per cent indirect stake held by Egyptian telecom operator Orascom.
Delhi High Court issued notices on Monday to the Centre, Hutchison Telecom India Ltd, Hutch-Essar and its minority shareholders among others on a petition alleging breach of foreign direct investment norms in telecom sector.
The FIPB referred the matter to the law ministry today.
the Company Affairs Ministry has come out in support of Essar by asking FIPB to change guidelines that allow greater say to the Indian partner in the consultative process.
Hutchison Telecom International Ltd, the Hong-Kong based parent of Hutchison that operates the Hutch-Essar JV in India with Essar group, has said the termination of BPL Mobile Mumbai circle merger deal by its Indian partner was wrong.
Says cap breached on account of Singh, Ghosh stakes.
Hutchison Whampoa Ltd, expanding its footprint in India's fast-growing mobile telecoms sector, said on Tuesday its Hutchison Essar joint venture had agreed to buy a cellular licence in Punjab.
Vodafone offers to buy out Hutchison Telecom's stake in India's Hutch-Essar at an enterprise value of $17 to 18 billion reports British daily Financial Times.
No hybrid name, exercise to begin this week.
Hong Kong-based telecom major Hutchison Whampoa on Friday offered its manufacturing facilities for government inspection.
Vodafone appointed to its board on Thursday a former group managing director at HTIL's parent company Hutchison Whampoa.
The Foreign Investment Promotion Board has expressed dissatisfaction with the replies given by Hutchison Essar, its Hong Kong-based parent Hutchison Telecom International
British giant Vodafone and Indian conglomerate Essar group reached an agreement on Thursday for jointly running India's fourth largest mobile firm -- Hutch-Essar, which would be rechristened Vodafone Essar.
The high-profile bidding war for control of Hutch-Essar could intensify with reports in the British media suggesting that Indian partner Ruias have received funding pledges worth up to $25 billion to buy out foreign stakeholder Hutchison Telecom.
Maintaining that no tax liability arises from its $11 billion buyout deal with Hutchison in 2007, UK-based telecom major Vodafone today said it would continue to "vigorously" pursue the case in the Indian court.
Sources said I-T deparment has sent a notice to Vodafone for not paying capital gains tax, arguing that the company should have deducted tax at source while making payment to Hong Kong-based Hutchison Telecom International Ltd.
Seeks capital gains tax payment prior to FIPB clearance.
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
Hutchison Telecom International Ltd is believed to have called a meeting of shareholders on February 15 to seek their approval for the proposed sale of its 67 per cent stake in India's Hutch-Essar.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances