Essar Group considering buying 3.16 per cent stake held by Max Telecom and IL&FS in Hutchison Essar.

In an effort to further strengthen its presence in the telecom joint venture with Hutchison, the Essar Group is considering buying the 3.16 per cent stake held by Max Telecom and IL&FS in Hutchison Essar. Max Telecom holds 1.8 per cent stake while the remaining is owned by IL&FS. If the Essar Group decides to buy this stake, its holding in the joint venture would go up to about 33.4 per cent from the current 30.43 per cent.