Hong Kong - August 1, 2001, Hutchison Whampoa ("Hutchison") today announced that its Hutchison Telecommunications Group has successfully acquired licences to operate 1800 MHz mobile phone services in Karnataka (includes Bangalore), Chennai and Andhra Pradesh (includes Hyderabad), at the respective costs of US$43.9 million, US$32.7 million and US$21.9 million. The acquisition were made through successful bids in the Indian Government's auction for 4th mobile phone licences by Barakhamba Sales & Services Ltd, the Group's joint venture company with the Essar Group.
The additional licences acquired enables Hutchison to cover all four of India's major metropolitan areas and the three circles which cover the next three major cities. In total, Hutchison's footprint will cover a 230 million population or 23% of the country and 50% of its purchasing power.
Commenting on the acquisitions Mr Canning Fok, Group Managing Director of Hutchison Whampoa said, "The licences acquired today will help our shareholders participate further in the rapid growth of the Indian cellular market. They build on our existing premium footprint with a strong exposure to the South India hi-tech belt. The attractive prices paid will enable us to generate better returns from our overall investments."
For further information, please contact:
Laura Cheung
Tel: (852) 2128 1289
Pager: (852) 7318 4778
Email: laurac@hwl.com.hk
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