Providence Equity Partners plans to acquire33 per cent stake in Idea Cellular

The US-based Providence Equity Partners, which manages funds worth over $9 billion, is close to acquiring a 33 per cent stake in Idea Cellular. The deal, which may be valued at over Rs 30 billion, is likely to be sealed by end-October 2006. If successful, the deal will mark Providence’s entry into India. It could also act as a benchmark for Idea Cellular’s pricing in its IPO, expected at the beginning of 2007.