New Delhi, Oct 27 (UNI) Boston-based buyout and private equity firm TA Associates today announced acquisition of a minority stake in Aditya Birla Group-owned wireless communications services provider Idea Cellular Ltd for an undisclosed amount.
Idea is among the top five cellular service providers in India by revenue, and among the top three within its current markets, providing service to 58 per cent of India's total telephony market.
''This is TA's first foray into Asia and we are very pleased to bring our communications experience to bear in this market. We also look forward to working with the Aditya Birla Group, one of India's most prestigious multinational corporations, and our co-investors Providence Equity Partners and ChrysCapital,'' said TA Associates Chief Executive Officer C Kevin Landry.
This is TA's second investment in wireless communications in the last 12 months. In October last year, it invested 746 million dollars in MetroPCS Communications, leading wireless carrier in the United States.
Other investments by TA in the communications sector include Asurion, Bachtel Cellular Liquidity, Continental Cablevision, Finisar Corporation and SBA Communications.
With offices in Boston, Menlo Park and London, the firm manages 10 billion dollar in capital and has invested in more than 370 companies.
UNI CS ND1440