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Hutch to consolidate all group companies
By siliconindia
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Tuesday, 15 June 2004, 19:30 IST
BANGALORE: Hutchison Max Telecom (HMTL) has filed with the Foreign Investment Promotion Board (FIPB) an application for the Hutchison Essar Telecom group of companies to consolidate its various telecom interests in India under a single entity.
The application is to allow the shareholders of Hutchison Essar Telecom Limited (Delhi), Fascel Limited (Gujarat), Hutchison Telecom East Limited (Calcutta), Hutchison Essar South Limited (AP, Karnataka, Chennai, Punjab, UP West, West Bengal) and Aircel Digilink India Limited (UP East, Rajasthan, Haryana) to transfer all their shares in these companies to HMTL and them becoming shareholders of HMTL, a Hutch release said.
"The consolidation will create one of the largest mobile operations in the country, which can derive many operating synergies", it said.
The combined subscriber base of the entity at the end of May was 5.6 million and the licensed areas cover approximately 56 per cent of India's population and about three-fourth of its purchasing power, the release said.