Providence Equity puts $640 mln in Idea arm

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New Delhi, May 22 (UNI) Idea Cellular Ltd today said private equity firm Providence Equity Partners will put 640 million dollars in Aditya Birla Telecom.

The funds will be used for network rollout and ongoing operations of Aditya Birla Telecom, which has a telecom licence in Bihar, a company statement said.

The deal, which is subject to regulatory approvals, is expected to close by August 2008, it added.

Idea, a part of diversified Aditya Birla Group, operates in 11 circles in India and has 24 million customers.


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