Indian Rayon and Industries Limited, an Aditya Birla Group company, has entered into a $150 million deal with US-based Cingular Wireless to acquire Idea Cellular’s 371.8 million equity shares, representing 16.45% of the company’s paid-up equity. Indian Rayon will now own a 20.74% stake in Idea Cellular, while Aditya Birla Group’s stake has increased to 50.15%. Cingular Wireless is the largest wireless service in the US and is an SBC Communications and BellSouth venture. Idea has already crossed the six million subscriber mark and is expected to touch seven million next year.
for Complete IIPM-Article, Click here
Source:IIPM-Editorial,2006
