Birla Group Takes Control of Idea

Indian conglomerate AT Birla Group will acquire an additional 48.12% stake in India's fifth largest mobile operator Idea Cellular taking its overall holding to 98.3%. Birla will acquire this 48% interest for US$969mn, valuing the firm at over US$2bn. The deal puts an end to the acrimonious relationship between Birla and the Tata Group, which exited Idea to concentrate on its own CDMA operations, Tata Teleservices. Another factor in the group's decision to sell its interest in Idea to AT Birla is that Indian regulations forbid a single company from holding more than a 10% interest in more than one

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