10:34     HUTCH TELECOM<02332> - Announcement (6)                             

    "IndusInd Group" or     IndusInd and its subsidiaries                     
      "Hinduja Group"                                                         
                                                                              
    "Intra-Group    the sale of the entire interests in HETL, HTEL,           
    Transactions"   Fascel and HESL, (namely, an aggregate of 48.96% in HETL, 
                    32.58% in HTEL, 49% in Fascel and 49% in HESL) by seven   
                    indirect wholly owned subsidiaries of HTIL to HMTL in     
                    return for the issue of new shares in HMTL concurrent     
                    with completion of the Share Purchase Agreements          
                                                                              
    "JKF"   Jaykay Finholding (India) Private Limited, a company              
            incorporated in India and an associate of the Kotak Mahindra      
            Group                                                             
                                                                              
    "Kotak Mahindra   Kotak Mahindra Capital Co., a company                   
    Group"            incorporated in India, and its subsidiaries             
                                                                              
    "Listing Rules" Rules Governing the Listing of Securities on the          
                    Main Board of the Stock Exchange                          
                                                                              
    "Prospectus"    the prospectus issued by HTIL dated 30 September          
                    2004 for the global offering of its shares                
                                                                              
    "Share Purchase  six share purchase agreements entered into on            
      Agreements"    1 February 2005, made between HMTL as the purchaser and  
                     the Vendors pursuant to which the Vendors agreed to sell 
                     their entire respective interests in HETL, HTEL and      
                     Fascel to HMTL in return for the issue of shares in HMTL 
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "subsidiary"    has the meaning ascribed to it in Listing Rule 1.01       
                                                                              
    "substantial    has the meaning ascribed to that expression in            
      shareholder"  the Listing Rules                                         
                                                                              
    "TII"   Telecom Investments India Ltd, an indirect non-wholly             
            owned subsidiary of HTIL, of which the Kotak Mahindra Group is    
            a substantial shareholder                                         
                                                                              
    "Transactions"  the sale of the entire interests in HETL, HTEL            
                    and Fascel by the Vendors pursuant to and in accordance   
                    with the terms and conditions of the Share Purchase       
                    Agreements                                                
                                                                              
    "UM Telematics" Usha Martin Telematics Limited, a company                 
                    incorporated in India and a member of the Kotak Mahindra  
                    Group                                                     
                                                                              
    "Vendors"       Essar, JKF, UM Telematics and IndusInd                    
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong Kong               
                                                                              
    "INR"   Indian Rupees, the lawful currency of India                       
                                                                              
    For the purpose of this announcement and for reference only,              
    an exchange rate of HK$1.00 to INR5.61 is adopted.                        
                                                                              
                                                                              
                                                                              
    By Order of the Board                                                     
                                                                              
    Edith Shih                                                                
    Company Secretary                                                         
                                                                              
    Hong Kong, 3 February 2005                                                
                                                                              
    * For the Chinese Name, please refer to the press announcement today.