Hutchison Telecom, Vodafone ink non-compete pact

Hutchison Telecom, Vodafone ink non-compete pact
PTI
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First Published: Wed, Feb 21 2007. 07 37 PM IST
Updated: Wed, Feb 21 2007. 07 37 PM IST
 
New Delhi: Hutchison Telecom International Ltd on 21 February 2007 said it has entered into a three-year non-compete agreement with UK Mobile phone giant Vodafone as part of the $11.08-billion deal.
HTIL board of directors, in a letter to shareholders, said the company has entered into a three-year agreement with Vodafone, pursuant to which the Hong-Kong-based firm would not carry on any business in competition to Hutch-Essar in the country.
HTIL cannot enter any business in India, establishment of telecom services or related infrastructure facilities or equipment, it said.
Under the agreement, HTIL cannot offer jobs to any key employees of Hutch Essar within six months of completion of the sale.
The sale is expected to be completed by either April 2 or the sixth business day after the last conditions have been satisfied for the deal, whichever is later, the letter said.
On February 12, HTIL had sold off its controlling stake in India’s fourth largest mobile operator Hutch-Essar to Vodafone for a consideration of $11.08 billion.
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First Published: Wed, Feb 21 2007. 07 37 PM IST
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