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Aditya Birla Telecom, a wholly owned subsidiary of Idea Cellular, has scaled down its $640 million deal with US-based private equity major Providence Equity Partners.

February 15, 2009

Aditya Birla Telecom, a wholly owned subsidiary of Idea Cellular, has scaled down its $640 million deal with US-based private equity major Providence Equity Partners. Idea Cellular has offloaded only 16.14 per cent stake (as against the earlier agreed 20 per cent) for around $428 million as the Foreign Investment Promotion Board (FIPB) gave only a partial approval. Idea Cellular had earlier stated that the funds would be used for network rollout and ongoing operations of Aditya Birla Telecom.

 
 

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