Idea’s Chairman denies plan to sell stake (India)

www.WirelessFederation.com/news: The plans to sell stake in Idea Cellular has been denied by Chairman of the Aditya Birla Group, Kumar Mangalam Birla. The statement came amidst speculation that Reliance’s Mukesh Ambani may be interested in foraying into the telecom business if Idea was available. The statement came on the sidelines of Global Investors Meet here.

Idea services cover 83 per cent of Karnataka’s total population and the company has nearly 2.70 million customers, straddling 2,300 towns and 16,000 villages.

According to Kumar Mangalam Birla, investments so far have been above Rs 5,000 crore in its multiple plants in this State and the company is very buoyant on Karnataka, given the enabling growth environment and incentives for expansion modernization and diversification and in the near future its growth plans entail an investment in excess of Rs 8,500 crore.