TA Associates announced the completion of a significant minority investment in Idea Cellular
October 26, 2006
LONDON -- TA Associates, a leading buyout and private equity firm, today announced the completion of a significant minority investment in Idea Cellular Ltd., one of the fastest growing providers of wireless communications services in India. The Company’s largest shareholder is the Aditya Birla Group. Terms of the transaction were not disclosed.
Idea is a leading wireless operator in India with over 10 million subscribers and operations in eleven of the country’s major markets. The Company 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 percent of India's total telephony market. In addition to its cellular services, Idea provides several innovative value added services.
“We are excited at the opportunity to invest in Idea Cellular. Given the low level of wireline penetration, wireless operators are fulfilling a basic communications need in India and will continually address larger proportions of the population,” said Ajit Nedungadi, Director of TA Associates Ltd., who led the transaction from TA’s London office. “Led by a strong management team, Idea Cellular is investing aggressively to take advantage of this market opportunity. We look forward to supporting the Company’s growth.”
TA Associates
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