Hutch-Essar to buy out stakes in BPL Mobile for $1b
Our Correspondent, New Delhi
In the biggest acquisition in the Indian telecoms sector, Hutch-Essar group will buy out controlling interest in the BPL Mobile Cellular company in an one billion dollar deal.BPL Communications Chairman and CEO Rajeev Chandrashekhar announced the deal in Bangalore on Wednesday. BPL Communications owns a 74 percent stake in BPL Mobile Communications which has operations in Mumbai and 100 percent ownership of BPL Mobile Cellular operating in Maharashtra, Tamil Nadu, Goa, Kerala and Pondicherry states of India. The deal will make the Hutch-Essar-BPL the second largest player in the GSM segment with a market share of 24.64 percent, only after Bharti, operating under Airtel brand, which is a number one with a market share of 27.28 percent. State-owned Bharat Sanchar Nigam Limit currently holds the second spot with a share of 22.77 percent.
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