Hinduja TMT shares buzz on Hutch talk

Shares of Hinduja TMT Ltd, buzzed in Indian stock exchanges on Thursday as the NRI Hinduja group announced its desire to bid for a majority 67 per cent held by Hutchison Telecom India Ltd, reports Suprotip Ghosh.

Shares of Hinduja TMT Ltd, buzzed in Indian stock exchanges on Thursday as the NRI Hinduja group announced its desire to bid for a majority 67 per cent held by Hutchison Telecom India Ltd, in mobile service player Hutchison Essar Ltd.

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The scrip rose 2.3 per cent, or Rs 17.50 on the Bombay Stock Exchange to touch Rs 772.55, up from Rs 740.35 a week ago and Rs 618.75 a month ago.

Press Trust of India reported that the Hindujas confirmed they were joining the race in which Anil Ambani's Reliance Communications and British giant Vodafone are interested. In Delhi, Vodafone representatives met government officials in a bid to ease regulation procedures.

"I have written to Hutchison Telecom asking them if they want to divest their stake in the Joint Venture. We have shown our interest in acquiring the stake. As a matter of policy we don't seek a stake less than 51 per cent," Hinduja TMT executive chairman Ashok Hinduja said.

HTMT had earlier exited Hutch Essar by selling its 5.11 per cent stake for $450 million in June last year.

Hutchison Essar Ltd is being valued in a range of $15 to 20 billion.

"I am yet to get a response from them. As far as valuations are concerned, we had an internal valuation done recently and when we get a response from them, we will place our bid suitably valued," Hinduja was quoted as saying.

Email Suprotip Ghosh: Suprotip.ghosh@hindustantimes.com