(The Times of India via NewsEdge) Private equity firm ChrysCapital has acquired a 4% stake in India's Idea Cellular, an Aditya Birla group company.
While the terms of the transaction were not disclosed, industry sources said ChrysCapital invested more than $100 million for the 4% equity, valuing Idea at around $2.5 billion.
The deal was ChrysCapital's first in the telecom space.
The Aditya Birla group had recently offloaded a 25% stake in Idea to four private equity investors, including ChrysCapital, Providence Equity, Citigroup and TA Associates.
Idea, which provides cellular services in 11 circles and has 10.4 million subscribers, is expected to hit the market with its initial public offer in early 2007.
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