Hutchison Telecom International Limited (HTIL) has decided to sell its 67 per cent stake in HEL

Hutchison Telecom International Limited (HTIL) has decided to sell its 67 per cent stake in HEL. Vodafone, Reliance Communications, Maxis Communications, the Essar Group, Verizon, Orascom and Hinduja TMT are the key contenders for the stake. Essar claims that it has the right of first refusal (RoFR). But, according to HTIL, it can sell the stake without offering it first to Essar’s Ruias because the shareholders’ agreement states that Essar would get the RoFR only if Hutchison’s stake in HEL fell below 40 per cent and it sold more than 10 per cent stake to Reliance, the Tatas or Bharti. Meanwhile, Orascom, which has 10 per cent stake in HEL, has also claimed that it has the RoFR. Hence, various companies are examining alternative methods to acquire the stake.