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Hutchison Whampoa not to offer its major equity stake in HTIL to Orascom.(Hutchison Telecommunications International Ltd.)(Brief article)

India Telecom, November, 2006

Hutchison Whampoa is not planning to sell its major equity stake in Hutchison Telecommunications International Ltd. (HTIL) to Orascom. Hutchison has 67 percent stake in HTIL through Hutchison-Essar Ltd., while Orascom already has 19.3 percent stake.

The Ruias are not happy with Orascom's indirect stake of 10 percent in Indian operations from its stakes in HTIL. As per the deal between Ruias and Hutchison Whampoa, HTIL has to offer stakes in Indian operations to the Indian partner on a priority basis before considering any other partner.

Following the objections from Ruias, Orascom is being scrutinized in India, while security concerns are also raised as Orascom also has GSM operations in Bangladesh and Pakistan.

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