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Essar acquires Usha Martin's stake in Hutch Essar.(Essar Teleholdings Ltd.)(Brief Article)

India Telecom, July, 2005

Essar Teleholdings Ltd. (ETHL) exercised its buy option and acquired Usha Martin Telematics' 3.43 percent stake in Hutchison Essar for $61.24 million (Rs 2,670 million). Essar group's stake in Hutchison Essar with this acquisition has jumped to 30.42 percent from 26.99 percent. Kotak and Hutchison together own Usha Martin Telematics.

Mr. Vikash Saraf, CEO of Essar Teleholdings, said that the acquisition would enhance Essar's stake in the consolidated entity in addition to strengthening its relationship with Hutch.

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