US-based private equity (PE) firm, Providence Equity Partners is planning to sell its indirect economic interest in Indus Towers by offloading its stake in Idea Cellular unit Aditya Birla Telecom Limited (ABTL). Providence is presently working with Idea Cellular to explore options sale of stake in Indus, including an initial public offering or sale to a third party. The firm has also asked bankers to informally value the company.
Currently, Providence owns over 16.4 per cent in Idea Cellular?s wholly-owned subsidiary ABTL, which, in turn, owns 16 per cent in Indus Towers. It also owns a 6.81 per cent stake in Idea Cellular. Earlier in 2009, Providence had made an investment of $428 million to buy its stake in ABTL.
