Aditya Birla Group increases equity stake in Idea
20th June, 2006
The Aditya Birla Group and the Tata Group have concluded their earlier announced transaction, with the Aditya Birla Group acquiring the entire 48.14 per cent holding of the Tata Group in Idea Cellular Ltd., for a total consideration of Rs.4406 crore. The transaction was completed earlier today.
The combined holding of the Aditya Birla Group companies in Idea now stands at 98.3 per cent constituted between Aditya Birla Nuvo Ltd. (35.7 per cent), Birla TMT Holdings Ltd. (44.9 per cent), Grasim Industries Ltd. (7.6 per cent) and Hindalco Industries Ltd. (10.1 per cent).
Said Aditya Birla Group Chairman, Mr. Kumar Mangalam Birla, "The Idea name has come to stand for value and innovation in the eyes of its millions of subscribers. We shall raise the bar and aim that Idea represents the very best across all product and service categories."