Aditya Birla Group increases equity stake in IDEA by 48.14 pc

Mumbai, June 20 (UNI) The Aditya Birla Group has acquired the entire equity stake of 48.14 per cent held by the Tata Group in Idea Cellular ltd for a total consideration of Rs 4406 crore.

Both the groups have completed the transaction earlier today, said the Aditya Birla Group press release here.

Accordingly, the combined holding of the Aditya Birla Group companies in Idea cellular ltd now stands at 98.3 per cent constituted between Aditya Birla Nuvo at 35.7 per cent followed by Birla TMT Holdings at 44.9 per cent, Grasim Industries at 7.6 per cent and Hindalco Industries 10.1 per cent.

Commenting on the development, Aditya Birla Group Chairman Kumar Mangalam Birla said,''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.'' UNI SN PM AW1916