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Thursday, July 06, 2006

Idea Cellular looking at IPO

After taking full control of its cellular venture, Aditya Birla group company, Idea Cellular is looking at the possibility of an initial public offer, IPO besides expanding services with three new circles rollout in the next three months, reports The Hindu Business Line.

"At some point of time the company would go public", Sanjiv Aga, managing director, Aditya Birla Nuvo, said here on the sidelines of a cellular function. However, sources said the company would be assessing the situation on an IPO now and take view accordingly.

Idea Cellular, which is keen to enter the Mumbai circle and for which it has already applied to the department of telecom for permission, is waiting for the approval. "The application is still pending with the Government", Aga said. In rest part of the country, it is planning to enter into three new circles.

"We are rolling out in three new circles Himachal Pradesh, Rajasthan and Eastern UP in the next few months. The company will also take a view whether to enter into national long distance in the next few months", Aga said.

The current eight circles are - Haryana, Delhi, UP (W), Gujarat, Maharashtra and Goa (one circle), MP and Chhattisgarh (one circle), AP and Kerala.

The combined holding of Aditya Birla Group companies in Idea stands at 98.3%, which includes Aditya Birla Nuvo with 35.7%, Birla TMT Holdings 44.9%, Grasim Industries 7.6% and Hindalco Industries 10.1%.

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