Orascom Buys Stake In Hutch, Enters India

Friday, December 23, 2005: Orascom Telecom has entered the Indian Telecom arena, with the acquisition of 19.3 per cent stakes in Hutchison Telecom. With the deal, Orascom is on its way to some of the high growth mobile markets in Asia. Hutchison already has operations in India and Sri Lanka, while Orascom, the Cairo-based telecom company, has presence in Pakistan and Bangladesh.

According to Naguib Swiris, CEO, Orascom Telecom, ?We have often expressed our keen interest to enter some of the largest and highest growth mobile markets in the world like India, Indonesia and Vietnam. The tie-up with Hutchison Telecom presents Orascom Telecom with exposure to these markets.?

As per the terms of the tie-up, Orascom and Hutchison will combine procurement, apart from signing roaming agreements between all the complementary operations. Orascom will send two representatives to the Hutchison Telecom board. Besides, the company will have its members on the board of Hutchison Essar, in which Hutchison Telecom holds 42 per cent stakes.

Orasom and Hutchison control mobile operators with two billion subscribers in 15 countries.

via [EFY Times]

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