Financial Daily from THE HINDU group of publications
Tuesday, Jan 17, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 17, 2006 |
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Info-Tech
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Mergers & Acquisitions Hutchison Essar completes BPL Mobile Cellular buy Our Bureau
Mumbai , Jan. 16 HUTCHISON Essar Ltd on Monday announcedthat it has completed the acquisition of BPL Mobile Cellular Ltd, the holder of cellular mobile telephony licences for Maharashtra, Tamil Nadu and Kerala. Last year, Hutchison Essar had entered into binding agreements for the acquisition of BPL Mobile Cellular and BPL Mobile Communications (Mumbai circle operations) for over Rs 5,000 crore or $1.15 billion. In the case of BPL Mobile Communications, the request for amalgamating it with Hutchison Essar is with the Department of Telecommunications. This is because both Hutch and BPL are present in the Mumbai metropolitan circle, and this calls for additional clearances. According to the latest Cellular Operators Association of India numbers, as on December 31, 2005, BPL Mobile Cellular Ltd had over 1.56 million subscribers, taking the total subscribers for the Hutchison Essar group to approximately 13 million. These acquisitions would also clear the way for Hutchison Essar to make its initial public offer, something that has been in the pipeline for some time now.
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