Indian IPO

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Saturday, March 04, 2006

Hutchison plans India IPO in 2006: Reuters



Ports-to-telecoms conglomerate Hutchison Whampoa said today that its cellular carrier in India aimed to go public this year to help fund its expansion in the world's fastest-growing mobile market, reports Reuters.

The company, also the most aggressive investor in European third-generation telecoms, also said that it was eyeing Spain as a potential market for expansion but has not made any decision.

In India, the group's Hutchison Telecommunications International unit has been aiming since last year to list its majority-held Hutchison Essar arm. Part of the delay resulted from the wait for regulatory clarification on how much a foreign company can own in an Indian carrier.

"I think there is every intention for us to go IPO, subject to market conditions. This year will be a safe bet," Hutchison Whampoa Managing Director Canning Fok told the Reuters Global Technology, Media and Telecoms Summit.

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