Online edition of India's National Newspaper
Thursday, Jan 18, 2007
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Online edition of India's National Newspaper Thursday, Jan 18, 2007 ePaper |
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NEW DELHI: Claiming that it has a `Right of First Refusal' in Hutchison Telecom, Egypt's Orascom on Wednesday said it wanted to increase its share in the Hong Kong-based company, a development that could put a spanner in the alternative plan reportedly being considered by suitors of Hutch Essar. Vodafone and Reliance Communications, the two major suitors, are reportedly contemplating picking up a stake in Hutchison Telecom International Ltd. instead of buying HTIL's stake in the Indian mobile venture. This plan is apparently being considered to avoid Essar's RoFR in Hutch Essar. "Orascom has a RoFR in HTIL and it holds a 19.3 per cent stake (in the company),'' Orascom Chairman and CEO Naguib Sawiris told PTI in an e-mail reply. With Orascom's RoFR powers in its agreement with HTIL, the situation would merely repeat itself and any bidder for Hutch Essar would have to face opposition from the existing stakeholders — whether Orascom or Essar, sources said. — PTI
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