Tata, Birla to Buy Cingular’s Stake In Idea Cellular

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WSJ: : Two of India’s largest industrial families, the Tata Group and the A.V. Birla Group, agreed to buy U.S.-based Cingular Wireless’s 33% stake in India’s fifth-largest cellular-phone company for $300 million. The two Indian groups and Cingular each own a third of the company, Idea Cellular Ltd.
Once the sale is concluded, Tata and Birla will each control about half of Idea Cellular. The Idea Cellular purchase is the latest in a string of major telecommunications acquisitions by Indian companies. Essar Group, a steel-to-telecom conglomerate, agreed two weeks ago to buy a controlling stake in BPL Communications Ltd. for more than $1 billion.

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