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Idea to buy 75% stake in Escotel
By siliconindia
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Tuesday, 27 May 2003, 19:30 IST
NEW DELHI: Idea Cellular, the Birla-Tata-AT&T cellular services giant, is picking up close to 75% stake in Escotel Mobile Communications. The combined entity will be the third largest cellular player in the country, behind Bharti and BSNL, with over 17 lakh customers.
According to a report published in an Indian business daily, Economic Times, Idea has cellular operations in Goa, Gujarat, Maharashtra, Andhra Pradesh, Delhi and Madhya Pradesh. Escotel, a 51:49 joint venture between Escorts and Hong Kong-based First Pacific, provides cellular mobile services in Haryana, UP (West) and Kerala, and is the number-one player in each of these circles. Escotel has plans to launch operations in three new circles UP (East), Rajasthan and Himachal Pradesh over the next eight months.
First Pacific, which holds 49% in Escotel, had announced its decision to exit India two years ago and has been looking for a way out since then. It had not participated in the Escorts groups subsequent telecom ventures.