Home > Business > PTI > Report

Idea Cellular mulls IPO

January 21, 2004 15:53 IST

Idea Cellular on Wednesday said it is "seriously evaluating" going for an initial public offering in the domestic market as part of efforts to fund its expansion plans, although a decision on the issue is yet to be taken.

"We are actually ramping up our subscriber base at a rate higher than planned, and hence, we are considering different sources of funding, including an IPO. We are seriously evaluating an IPO in the domestic market to fund our expansion plans," Vikram Mehmi, CEO of Idea Cellular, told PTI in New Delhi.

The company is yet to take a decision on the issue, he said.

Idea's existing subscriber base stands at about 2.2 million.

"The markets are doing well and the overall stock market sentiments are positive and India is shining. We are evaluating and will go to the market, if possible," he said.

Mehmi, however, declined to comment on the timing for an IPO or the modalities.

"We are also evaluating the fund requirement for growth and acquisitions," he said.

Idea Cellular, which operates cellular services in Andhra Pradesh, Delhi, Gujarat, Maharashtra and Madhya Pradesh circles, is a three-way venture between A V Birla Group, Tata Group and AT&T Wireless.


Article Tools
Email this article
Print this article
Write us a letter



Related Stories


Mobile user base up 17.5mn

Mobile users to get Net facility

Consumer, the real winner



People Who Read This Also Read


Indian airfares rose fastest

'BJP has abandoned RSS's ideas'

Oil prices may ease soon: Naik







© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.











Copyright © 2003 rediff.com India Limited. All Rights Reserved.