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BPL mobile communications Ltd ,BPL Mobile Cellular Ltd and Essar Spacetel Ltd undergo joint venture with Hutchinson Telecom International . Hutchinson Essar Ltd the joint venture will acquire these stakes for a total consideration of $1.156 billion ,including cash and takeover of debt. Essar group holds 30% in joint venture. The Essar Group has acquired around 77% in BPL Communication Ltd from Rajeev Chandrashekhar and his father-in-law TPG Nambiar. BPL Communications has now sold its stake in its two arms BPL Mobile Cellular to the joint venture Hutchinson venture. $1.15 billion will be payed by Hutchinson Essar for the stakes in the 2 BPL Companies. Essar Group gets another $6 million for Essar Spacetel. Cost of these acquisitions will be funded by a combination of shareholder funding and external bank borrowings of Hutchinson Essar. BPL Communications held 100% stake of BPL Mobile Cellular that operates in Maharashtra and Goa, Tamil Nadu and Kerala. Essar Spacetel has applied for licencesin 7 circles like
Assam, MadhyaPradesh, Northeast, Orissa etc and other various places around the world.
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| Posted : 9/27/2005 |
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