| PRESS RELEASE |  |
Mumbai, June 14, 2004: 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 then becoming shareholders of HMTL.
The consolidation will create one of the largest mobile operations in the country, which can derive many operating synergies.
The combined subscriber base of the entity at the end of May was 5.6 million and the licensed areas cover approximately 56% of India's population and about three-fourth of its purchasing power.
For more information, please contact:
| Kavita Nair Hutchison Max Telecom Orange: 98200 18435 Tel: 022 - 56645139 Email: kavita.nair@orange.co.in www.orange.co.in |
Amrit Singh Deo / Sandhya Sadananda Genesis Public Relations Orange: 98202 11064/ 98205 41788 Tel: 022 - 241 1783/85 Email: asinghdeo@genesispr.com / ssadananda@genesispr.com |