Industry Newsroom

Providence Equity Partners Sells a Partial Stake in Idea Cellular for INR1.38 Billion (Asia)

Global private equity firm Providence Equity Partners has sold a 3.47 percent stake in Bombay Stock Exchange and the National Stock Exchange-listed telecommunication service provider Idea Cellular for INR1.38 billion (approximately US$204 million) via an open market sale. Providence, which originally invested in Idea Cellular in 2006, holds a remaining 3.33 percent stake after the transaction. Idea Cellular offers cellular services, SMS services and mobile communication devices.