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AT&T To Sell Stake In Indian Mobile Services Provider
AT&T Wireless is selling the 33-percent equity stake in Idea Cellular, India's fifth largest, GSM-based service provider.
June 3, 2004
1 Min Read
BANGALORE, India — AT&T Wireless is selling the 33- percent equity stake in Idea Cellular, India's fifth- largest, GSM-based service provider. The wireless carrier will be sold to Singapore Technologies Telemedia (STT) and Telekom Malaysia, according to reports here quoting Idea executives.
The sale is expected to net between $200 million and $350 million, according to the reports. Idea has about 3.85 million customers, and is said to be in talks to buy out smaller service providers in other parts of India.
Other shareholders in Idea are the Tata Group and the A.V. Birla Group, both holding 33 percent each of Idea. AIG Holdings owns the remaining 1 percent.
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