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DoT gives a clean chit to Orascom Telecom's acquisition of a 19.3 per cent stake in Hutchison Telecom International Limited

May 15, 2006
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DoT has given a clean chit to Orascom Telecom's acquisition of a 19.3 per cent stake in Hutchison Telecom International Limited (HTIL).

The concern was that through the acquisition, Orascom would hold over 12 per cent indirect stake in Hutchison Essar and since Orascom operates in countries like Pakistan and Bangladesh, it could pose a national security threat. The clearance from DoT means that the Hutchison Essar IPO, which had been delayed, can be put back on track. Further, HTIL will not have to seek Essar's consent for Orascom raising its stake from 19 per cent to 23 per cent as per the initial agreement between the two companies.

 
 
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