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Dilution of stake in Idea at right price: Ratan Tata

Written by: Staff
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New Delhi, Apr 8: The two-month long battle between the Birlas and Tatas over Idea Cellular may soon be resolved with Tata group chief Ratan Tata indicating Tata Sons was ready to reduce its stake but ''only at the right time and right price.'' ''We would diversify ourselves and reduce our stake in Idea Cellular, but only at the right time and right price.'' Mr Tata told reporters at the Institute of Management Technology at Ghaziabad yesterday.

The battle started with the Birla group sending a letter to the government asking the DoT to determine the shareholding of its partners in Idea.

The rules prohibit any entity from owning more than 10 per cent in two telecom operating companies in the same circle. After the exit of US telecom company Cingular, the total Tata stake has increased to over 48 per cent, while the Aditya Birla Group has just over 50 per cent in Idea. The balance, close to two per cent is held by the AIG investment fund.

UNI

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