Unlikely Bride Discord between the two primary shareholders of Hutchison Essar puts the Hindujas, a 5.11 per cent shareholder in the JV, in a vantage position.
Business Today, April, 2006 by Krishna Gopalan
Rarely has a 5.11 per cent holding been of such import and caused so much heartburn. Then again, Hutchison Essar isn't any common company. It's a full-blooded telecom play used by 16.6 million subscribers in 16 circles nationwide, and has one of the highest EBITDA margins in the industry (just over 47 per cent). It's got the Hong Kong-headquartered Hutchison Telecom International Ltd (HTIL) as one partner, with a 61.84 per cent stake (directly and indirectly), and the Ruias of the Essar group as a secondary partner with a 33.05 per cent holding. Over recent months HTIL has been keen to take advantage of peaking valuations by taking the joint venture public on the Indian markets, but Essar, it appears, isn't exactly in a hurry to do so.
Against this backdrop, the 5 .11 per cent...
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