Birlas in race for Cingular’s Idea stake
Category: News | No Comments | 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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VeerChand Bothra
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