Indian Rayon pays $150mn to hike Idea stake

Indian Rayon and Industries has acquired 37.18 crore shares, which represents 16.45% of the paid-up equity of Idea Cellular, from US-based Cingular Wireless for $150 million.

According to a release issued by Indian Rayon to the BSE today, the transaction takes the company's shareholding in Idea to 20.74%, and that of the Aditya Birla group to 50.15%.

Sanjeev Aga, managing director of Indian Rayon, said: "Our aim is to see that Idea will be known as the company that sets operational and service standards that become the benchmark for the industry."