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Idea achieves financial closure

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Our Corporate Bureau Mumbai
Last Updated : Jan 28 2013 | 2:26 AM IST
 Idea Cellular, the equal three-way venture between the A V Birla group, the Tata group and AT&T Wireless, has achieved financial closure of Rs 5,000 crore. It is understood to be the largest ever in Indian telecom history.

 The closure was reached with the latest round of rupee financing of Rs 2,225 crore (Rs 1,850 crore for the Maharashtra, Gujarat, Andhra Pradesh and MP & Chattisgarh circles; Rs 375 crore for Delhi circle) from financial institutions.

 The new financing is on a non-recourse basis and entails simultaneous closure of seven facilities covering five telecom circles and involves around 60 parties. The Industrial Development Bank of India (IDBI) was the sole lead arranger for the new facility.

 The entire new long-term rupee loan is on a limited recourse basis with a tenure of nine years and will be utilised towards meeting the capital expenditure and refinancing debt of higher costs or shorter tenures.

 

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First Published: Oct 31 2003 | 12:00 AM IST

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