Hutch, Essar differences may spike BPL merger.
Economic Times (New Delhi, India), August, 2006
Aug. 2--MUMBAI, India -- The long-pending merger of Hutchison Essar and BPL in the Mumbai circle is precariously poised amid major differences between Hutchison and Essar, and questions over the spectrum allocation for the merged entity.
The deadline for the merger had originally been fixed at June 30, '06, but was extended by a month to enable the parties to secure approvals from the department of telecom (DoT). With July 31 having passed and the partners unable to reach any agreement, the possibility of termination looms large.
Hutchison Essar, till late Monday night, had not received the necessary clearances from the DoT. "DoT approvals had to be obtained by today (Monday) and they have not come through. The impact is that both the parties (Hutch...
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