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To: 2brasil who wrote (3675)	12/17/1999 2:39:00 AM
From: Caxton Rhodes	Respond to of 15615

Hutchison India Unit To Buy Into Mobile Firm By Reuters staff 15 December 1999 Hutchison Max Telecom, part of the Hong Kong-based Hutchison Whampoa group , is close to acquiring a 49 percent stake in New Delhi based mobile phone operator Sterling Cellular, The Economic Times newspaper said on Wednesday. The newspaper quoting sources said the company was close to acquiring the 32.6 percent stake held by Swisscom AG and the 16.4 percent held by non-resident Indian businessman C. Sivasankaran in a six billion rupee all-cash deal. India's Essar Group holds the remaining 51 percent stake in Sterling Cellular. "The first stage of the two-stage deal could see Hutchison assume all the management rights that Swisscom held. The second stage might see the Essar group being bought out in the same form...," the newspaper said. But a spokesman for Hutchison Max Telecom, which operates the cellular phone service in Bombay, declined to comment. "We have no comment to make as it is still premature," the spokesman told Reuters. The Economic Times said the three investment banks involved in the deal included Goldman Sachs and its Indian affiliate Kotak Mahindra representing Hutchison, stock brokers SSKI & Co representing the Essar Group and Jardine Fleming representing Swisscom AG.