Hinduja TMT Limited to buy 1.23% effective stake in Hutch from Sumitomo
Mumbai, March 13, 2006
HTMT announced that it has entered into a share purchase agreement (SPA) with Pacific Horizon Ltd., a subsidiary of Sumitomo Corporation, Japan for the purchase of an effective 1.23 % stake in Hutchison Essar Limited (Hutch).
The SPA between HTMT and Sumitomo is for the purchase of Sumitomo’s 100% stake in Pacific Horizon, which currently holds 24.12% of IndusInd Telecom Network Ltd. (ITNL) (which is a joint venture between Hindujas and Sumitomo). ITNL currently holds a 5.11% stake in Hutch, which translates to Pacific Horizon holding an effective stake of 1.23% in Hutch.
As per the terms of the SPA, HTMT purchases 50% of Pacific Horizon upfront and the remaining 50% at a later date.
With this acquisition, HTMT together with its wholly owned subsidiary, InNetwork Entertainment Ltd. will hold 91.54 % of ITNL corresponding to a 4.68% effective stake in Hutch.
About HTMT :
Hinduja TMT Ltd. (HTMT) is one of India's premier IT/BPO houses, focusing on information technology enabled services (ITeS) and business process outsourcing (BPO) besides IT services. HTMT is ranked among the top 15 ITES-BPO players in India employing over 6,500 people. HTMT's IT/BPO domain expertise is in the areas of Insurance, Financial services, Manufacturing, Telecom, Pharmaceutical Products, Consumer Electronics, Household Products, Energy and Utilities. With delivery centers in Bangalore, Mumbai, Hyderabad, Chennai, Manila, Mauritius, Toronto and New Jersey, the company has marketing offices in the USA, UK and Europe. HTMT has world-class infrastructure in line with global standards of environment, resources and deliverables. HTMT was one of two Indian IT companies recently selected in the list of 200 “Best under a Billion” companies by Forbes. HTMT is one of the few companies in the BPO business that has output quality very close to six sigma standards and has set its eye firmly on a continuous improvement program. HTMT has been assessed for SEI CMM Level 4 for software development and is also ISO 9001:2000 and BS 7799 compliant.
About Hinduja Group
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The Hinduja Group is one of the largest transnational business conglomerate in the world with diversified operations. Founded in 1914 by Shri P.D. Hinduja, the Group provides wide range of products and services worldwide. The Group’s activities are divided into three core areas such as Global Investments, Investment Banking and International Trading. The Hinduja Group is quick to grasp new opportunities and is expanding its investments and advisory services across international markets. As a part of the Global Investments the Group owns stakes in Automobile, Information Technology, Media & Entertainment, Banking and Finance, Energy & Chemicals and Real Estate.
Mr. Yagnesh Sanghrajka,
Global Chief Financial Officer,
Hinduja TMT Ltd.
Ph No. 080-25733215
Ms. Sharmila Banerjee,
Vice President (Corporate Communications),
Ph No.24960707 Extn.208