'Hutchison ups stake in India unit'

The stake in Hutchison Essar Ltd was bought from the Hindujas, the source close to the transaction said.

Hong Kong's ports-to-telecoms conglomerate Hutchison Whampoa Ltd has purchased an additional 5.11 per cent stake in its Indian GSM mobile business for at least $550 million, an industry source said on Thursday.

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The stake in Hutchison Essar Ltd was bought from the Hindujas, the source close to the transaction said.

"The deal is through. Both have agreed and it is now a matter of documentation," he said.