Essar Teleholdings today announced that it has entered into a MOU with Max Telecom Ventures Ltd. (MTVL) to acquire MTVL's 3.16% stake in Hutchison Essar for an all cash deal aggregating Rs. 657 crore at a sale price of Rs. 607 per share.

On completion of this purchase, Essar Group's stake in Hutchison Essar will increase from 30.42% to 33.58%

Commenting on the transaction, Mr. Vikash Saraf, CEO, Essar Teleholdings said, "This acquisition is part of our decision to enhance our stake in the consolidated entity and also reflects the strong relationship between Essar and Hutch".

About the Essar Group

Essar Teleholdings is part of the Essar Group. The Essar Group is one of India's largest corporate houses with interests spanning the manufacturing and service sectors like Steel, Shipping, Power, Oil & Gas, Telecom & BPO and Constructions. The Group has an asset base of over Rs.20,000 crores.