Idea Cellular has refinanced a loan worth Rs 42.24 billion. Initially expected to be refinanced in April 2006, the loan got stuck while the Tatas and Birlas wrestled over the company’s control. The interest cost to Idea will be 9.35 per cent per annum. At this rate, the company will save Rs 800 million as interest outgo. According to sources, of the loan amount, over Rs 4 billion will be used for new capital expenditure.
