Max India unit to sell telecom stake for $146 million

MUMBAI: Max India Ltd. said on Tuesday a group company had agreed to sell 3.16 percent in telecom operator Hutchison Essar Telecom Ltd. for 6.57 billion rupees.

Max Telecom Ventures Ltd., in which Max India holds 60.8 percent, will sell its holding to Essar Teleholdings Ltd., the company told the stock exchange.

Before the announcement, Max India shares closed 2.8 percent higher at 565 rupees in a weak Mumbai market.