Indian Rayon acquires stake in Idea Cellular (India)
October 15, 2005
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Indian Rayon has acquired 371.8 million equity shares in Idea Cellular for $150 million from Cingular Wireless of the US. This represents 16.45 per cent of Idea's paid-up equity. Earlier, the Tatas and the Aditya Birla Group had agreed to buy out Cingular's 33 per cent stake in Idea Cellular. According to an Indian Rayon press release, the transaction will raise Indian Rayon's shareholding in Idea to 20.74 per cent and that of the Aditya Birla Group to 50.15 per cent. Idea Cellular posted a net profit of Rs 760 million during 2004-05.
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