Hutch India buys rival Aircel

NEW DELHI: The Indian mobile unit of Hong Kong's Hutchison Whampoa conglomerate has bought over smaller rival Aircel Ltd for an undisclosed amount, a source close to the deal said.

"The deal is for a 100 percent stake in Aircel," the source, who declined to be named, said.

The acquisition will cost the Hong Kong-based company 16 billion rupees ($350 million), a banker working on the deal told Reuters.

© Reuters