Hutchison (HTX) says its wholly owned subsidiary has entered into agreements for the acquisition of a further 5.11% stake in Hutchison Essar from affiliates of the Hinduja Group for US$450 million.

Under these agreements, Hutchison Telecom Group will acquire the entire issued capital of IndusInd Telecom Network Limited, a holding company for a 5.11% stake in Hutchison Essar Limited, a leading mobile telecommunications company in India.

Upon completion of the acquisitions, Hutchison Telecom will have interests in companies that control approximately 67% of Hutchison Essar.

Dennis Lui, Chief Executive Officer of Hutchison Telecom said, "This transaction reaffirms our commitment and interest in Hutchison Essar and better positions us for further development."

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