ST Telemedia, Malaysian partner buy 48% of India's Idea Cellular
Channel News Asia, Singapore, 11 December 2004

Singapore Technologies Telemedia and its Malaysian partner, TM International, are buying a 48 percent stake in India's Idea Cellular.

The price is some US$390 million, or more than S$640 million.

This makes the deal one of the largest private mergers and acquisitions in India today, and one of the largest in the telecom sector.

The consortium will be the single largest sharehoder of Idea.

ST Telemedia will own 60 percent of the stake purchased, while the rest will be held by TM International, the overseas investment holding company of Telekom Malaysia.

Idea is a leading cellular operator in India with a subscriber base of over 4.5 million.

Its Indian shareholders will continue to collectively own a majority 51 percent stake in the company.

ST Telemedia says the investment will help expand its wireless footprint and enhance its regional presence. - CNA

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