Hutchison Telecommunications International Limited (HTIL) will hold an extraordinary general meeting to seek shareholder approval for the planned sale of the company’s stake in HutchisonEssar Limited (HEL) to Vodafone. HTIL, which will book a $9.6 billion pre-tax profit from the sale, has stated that it has “not made a final decision” on the value of the stake. Meanwhile, the company has entered into a three-year non-compete pact with Vodafone. As per the agreement, HTIL will not invest in any telecom or related activities that are the domain of HEL in India. HTIL also cannot offer jobs to any of HEL’s key employees within six months of completion of the sale.
