The Aditya Birla Group reconstitutes Idea Cellular’s board of directors

After acquiring the Tata Group’s 48 per cent stake in Idea Cellular for approximately Rs 44 billion, the Aditya Birla Group has reconstituted Idea’s board of directors. It has appointed Kumarmangalam Birla, chairman of the Aditya Birla Group as chairman of the board. Also, the Birlas reportedly plan to place 33 per cent of the acquisition with financial investors, including private equity players and hedge funds, at Rs 45 per share. Aditya Birla Group companies currently own about 98 per cent stake in Idea, of which Aditya Birla Nuvo holds 35.7 per cent and Birla TMT Holdings, 44.9 per cent. The deal will make Idea Cellular the third service provider which is wholly owned by Indian investors.