Hutchison Telecommunications International Limited, a company controlled by Hong Kong's richest tycoon Li Ka-shing, announced Wednesday that it has already sold its Indian telecom operations to Vodafone.

"The transaction has been completed on May 8," Hutchison Telecom said in a press release here.

Hutchison Telecom's estimated pre-tax gain from the sale is expected to be about 9 billion U.S. dollars following certain adjustments, which include the provisions for the previously announced settlement agreement with the Essar Group, a retention of 352 million U.S. dollars by Vodafone, according to the press release.

The net cash inflow to Hutchison Telecomm before payment of the settlement amount is about 10.83 billion U.S. dollars.

The company is expected to declare a special dividend of 6.75 HK dollars per share following the completion of the necessary formalities.

Canning Fok, Chairman of Hutchison Telecom, said the exit of Indian market will enable the company to react swiftly to new opportunities and to accelerate growth in its existing markets.

Hutchison Telecom currently offers mobile and fixed-line telecommunications services in Hong Kong, and operates mobile telecommunications services in Macao, Israel, Thailand, Sri Lanka, Ghana, Vietnam and Indonesia with brands like "Hutch", "3" and " Orange."

Source: Xinhua