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Hutchison India JV to buy Punjab mobile licence
February 04, 2003 16:43 IST
Hutchison Whampoa Ltd, expanding its footprint in India's fast-growing mobile telecom sector, said on Tuesday its Hutchison Essar joint venture had agreed to buy a cellular licence in Punjab.
The licence is held by the Escotel joint venture, which is held 51 per cent by Escorts Ltd and 49 per cent by Hong Kong's First Pacific Co Ltd, and has mobile operations in Kerala, Haryana and Uttar Pradesh.
No other details were immediately available.
A Hutchison spokeswoman in Hong Kong said contrary to some media reports, Hutchison's India affiliate is only buying the licence, not equity in a company.
"There will be no merger with any of Escorts' or Escotel's other operations," she said.
Escotel chief executive Rajan Swaroop declined to comment on the deal.
A ports-to-retailing conglomerate controlled by Asia's richest businessman Li Ka-shing, Hutchison has mobile phone holdings in India including operations in New Delhi, Calcutta and Gujarat.
It is also among the world's only bullish investors in third-generation mobile telecom.
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