Private equity group buys into Indian telecom player

A consortium of private equity investors, led by Providence Equity Partners, has paid around $550 million for a 25% stake in Idea Cellular.

Idea Cellular, part of India's AV Birla group, completed a private equity placement on Friday last week selling a 25% stake in the company to four private equity investors.

The largest investor, Providence Equity Partners, acquired a 15% stake for an estimated $400 million, while TA Associates and ChrysCapital are reported to have invested around $120 million each for a collective 8% stake. The fourth investor is reported to be Citigroup which bought the remaining 2% stake - though...

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