Hutchison owns about 42% of the Indian private mobile carrier that currently serves an area covering 56% of the Indian population. According to its latest SEC filing, Hutchison hopes to complete the Indian IPO by the end of the year in a move that could value the business at up to $3bn.
In 2003, the Indian operation accounted for 44.5% of HTIL’s revenue, and recorded an operating profit of HKD 706m ($90.5m) on revenue of HKD 4.5bn ($576.6m). In the first half of 2004, its importance had grown and revenue of HKD 3.2bn ($410.6m) was 46.5% of the group total.
Hutchison India has a 15.3% market share of India’s mobile carrier market.
The company began commercial operations in India with a local partner in 1995. Since then it has acquired interests in six mobile carriers with a total of 11 service areas throughout India, and is in negotiations to buy two other operations. At the end of June this year, the company had 5.8 million subscribers.
