Idea net worth stands at Rs 1,043 cr

Idea net worth stands at Rs 1,043 cr

Author | exchange4media News Service | Wednesday, Aug 09,2006 9:57 AM

Idea net worth stands at Rs 1,043 cr

The Aditya Birla group-owned GSM service provider Idea Cellular has a net worth of Rs 1,042.92 crore, with Rs 2,259.52 crore paid-up equity capital as on June 21, 2006, according to a filing of Idea with the department of telecommunications (DoT).

This makes the company the fourth largest in the Aditya Birla group on net worth basis. The group flagship Hindalco tops the list with net worth of Rs 7,657.19 crore.

It is followed by Grasim Industries (Rs 4,323.70 crore) and Aditya Birla Nuvo (Rs 1,354 crore).

Aditya Birla Nuvo holds a 28.24 stake in Idea while Grasim holds 7.57 per cent. The shareholding of Hindalco and Birla TMT stands at 10.11 per cent and 44.88 per cent, respectively.

Goodison Investments holds 1.70 per cent while Aditya Birla Telecom holds 7.50 equity per cent stake.

Earlier, Tatas sold off 48.14 per cent stake in Idea for Rs 4,406 crore at Rs 40.50 a share, putting the company's valuation at Rs 9,152 crore.

Meanwhile, DoT has given nod to a letter of intent (LoI) to Idea Cellular for awarding of Unified Access Services Licence (UASL) in the Mumbai circle.

Idea, on receipt of the LoI has to pay the licence fee on which it would be granted a UAS licence. This will enable the company to offer technology neutral services or bid for other operators in the Mumbai circle.

DoT had conducted a preliminary checklist and found that Idea has fulfilled all the conditions that were necessary for the UAS licence.

This license will enable Idea to commence operations in the Mumbai circle, one of the most lucrative circles in the country. UASL also enables the company to select the technology of its choice to begin operations, industry sources said.

Idea had earlier announced plans to invest Rs 2,500 crore and commence operations in all 23 circles in the country, from the present 13, for which it has licences.

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