Hinduja TMT achieves closure of Hutch stake sale

Mumbai, Aug 17: Hinduja TMT Ltd and its wholly-owned subsidiary InNetwork Entertainment Ltd (INEL) today completed the sale of its entire stake in Hutchison Essar Ltd.

In a notice to the BSE, the company said in terms of the Share Purchase Agreement entered with Hutchison Telecommunications (I) Ltd, the first tranche comprising of USD 231 mn was received on June 30, 2006. The Company and INEL on August 17, 2006 received the balance sale consideration of USD 219 million and with this closure, the entire USD 450 mn has now been received by the respective shareholders of Indusind Telecom Network Ltd, which has a 5.11 per cent stake in Hutchison Essar.

According to Executive Chairman Ashok P Hinduja, ''This stake sale has encashed a lot of shareholder value in the company, which will be utilized in the best possible manner to enhance shareholder wealth creation.''

UNI