PRESS RELEASE
Mumbai, February 4, 2005: The Hutchison Essar group of companies has consolidated its various mobile interests in India (which operate under the Hutch and Orange brands) under a single entity. All requisite Indian government and regulatory approvals, consent and permissions for effecting the consolidation have been obtained.
The shareholders of Hutchison Essar Telecom Limited (Delhi), Fascel Limited (Gujarat), Hutchison Telecom East Limited (Calcutta) (which wholly owns Aircel Digilink India Limited (UP East, Rajasthan, Haryana)) and, Hutchison Essar South Limited (AP, Karnataka, Chennai, Punjab, UP West, West Bengal) and Aircel Digilink India Limited (UP East, Rajasthan, Haryana) have transferred all their shares in these companies to Hutchison Max Telecom (HMTL) in return for the issue of new shares in HMTL, making HMTL the holding company for all the cellular operations of the Hutchison Essar Group and migrating all shareholder interests to HMTL.
Accordingly, the shareholders of HMTL will now be Hutchison Telecom International, the Essar Group, Kotak Mahindra/Hutchison Telecom International joint ventures, the Hinduja Group, and Max India. It is intended to rename HMTL as Hutchison Essar Ltd as soon as possible.
The consolidation has created one of the largest mobile operations in the country with a footprint comprising 13 circles, which is expected to derive many operating synergies, including more efficient management and a more effective use of resources and funds between the various operating companies. In addition, management believes that the new consolidated company will be better placed to access the debt and equity markets in India.
About Hutchison Essar
Hutchison Essar, with over 7.2 million mobile users under the Hutch and Orange brands, is one of the most reputable telecom companies in India. Over the years, it has been named the 'Most Respected Telecom Company', the 'Best Mobile Service in the country', and the 'Most Creative and Most Effective Advertiser of the Year'. The brand Hutch, with its landmark advertising, has established itself as one of the few great brands created in the country in the last decade.
For further information, please contact:
Amrit Singh Deo / Asha Bajpai
Genesis Public Relations
Orange: 98202 11064
Tel: 022 - 5664 5220 / 5660 3027
Email: amrit.deo@orange.co.in / abajpai@genesispr.com
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