Egyptian mobile operator Orascom may divest 5-7.3 per cent stake in Hutchison Telecom International Limited (HTIL), the joint venture partner of Hutchison Essar. Orascom currently holds 19.3 per cent direct stake in HTIL and 10 per cent indirect stake in the latter’s Indian operations. With this move, Orascom’s indirect stake in Hutchison Essar is expected to decline to 7-7.5 per cent. While Orascom claims that it is selling stake due to changes in valuation, there is speculation that the company’s failure to increase its stake in HTIL could be the major reason.
