Hutchison Essar has entered into a binding agreement to acquire the two cellular arms of BPL Communications ?? BPL Mobile (Mumbai) and BPL Cellular (Tamil Nadu, Kerala, Maharashtra and Goa) ?? from the Essar Group at an enterprise value of $1.15 billion or Rs 50.6 billion. It has also entered into a conditional agreement with Essar to buy out Essar Spacetel Limited for $6 million or Rs 270 million. Earlier, the Essar Group had acquired T.P.G. Nambiar’s 13 per cent stake in BPL Communications for Rs 1.25 billion, raising its stake to 77 per cent.
