Birlas in race for Cingular’s Idea stake

Posted on | June 29, 2005 |

Economic Times scoops that the AV Birla group, which till last year was not keen on expanding in telecom and was looking to exit Idea is now considering a buyout of Cingular’s stake in the cellular operator. It has floated a proposal under which it could buy out both the Tata group and Cingular’s combined stake of about 67% in Idea.

Singtel, Maxis, Telekom Malaysia, Sistema are the other foreign companies showing interest in Cingular’s stake. Idea was formed as a joint venture between the Tata group, the AV Birla group and AT&T (Cingular) in 2000.

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