Four Funds Pick Up 25% In Idea Cellular
So there are at least four private equity funds who have picked up stake in Idea Cellular. According to a Times of India report, four PE funds have picked up close to 25 per cent stake in Pune-based telecom company. The report says the total money raised would be $550 million.
Providence has announced that it has pciked up about 15 per cent although it has not revealed how much money it has put in. Media reports suggest it’s $400 million. TA Associates is another fund that has made an undisclosed investment in Idea Cellular. Chryscapital has invested more than $100 million. Citigroup Venture Capital International is also believed to have taken a stake, although there is no official word on it.
The TOI report says that Aditya Birla Group’s combined holding in Idea Cellular will come down to around 73 per cent from 98.3 per cent.
In a related development, Idea Cellular has appointed Sanjeev Aga as the CEO. (So what happens to Vikarm Mehmi?). Bharat Singh will replace Aga as the managing director of Aditya Birla Nuvo with effect from November 1. Mr Singh is at present director, corporate strategy and business development at the Aditya Birla Group. Aga has always been the point person for Birla’s telecom business.
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25% in Idea sold for $550m (The Times of India)
4 pvt equity firms pick 24% stake in Idea (The Hindu Business Line)
