Qatar Telecom teams with Hindujas for Hutch stake: WSJ
08 February 2007
Singapore: According to a report in the Asian edition of The Wall Street Journal says the Hinduja Group is teaming up with Qatar Telecom to bid for control of Hutchison Whampoa's 67-per cent stake in the fourth-largest Indian mobile operator, Hutchison Essar Ltd.
Doha-based Qatar Telecom is the sixth-largest Gulf telecom firm and hopes to expand into regions such as Africa and Asia as well as the Middle East, The Wall Street Journal said.
The Hinduja group owns back-office services firm Hinduja TMT and is currently conducting its due diligence on Huth-Essar had. (See: Hindujas start due diligence on Hutch-Essar, tie up with largest Spanish Bank)
Vodafone Group Plc, Europe's most valuable telecom company, Reliance Communications Ltd and the 33-per cent stake holder in Hutch-Esssar, the Essar Group are the other contenders for Hutchison Whampoa's stake.