Financial Daily from THE HINDU group of publications
Friday, Jun 11, 2004
Financial Daily from THE HINDU group of publications Friday, Jun 11, 2004 |
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Info-Tech
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Telecommunications Corporate - Mergers & Acquisitions IDEA completes Escotel buy Our Bureau
Mumbai , June 10 IDEA Cellular on Thursday announced the completion of its acquisition of Escotel Mobile Communications Ltd. The company has acquired hundred per cent shares from Escotel's promoters - Escorts Telecommunications Ltd and First Pacific. With the acquisition, EMCL has become a wholly-owned subsidiary of IDEA Cellular Ltd. In order to complete the transaction, IDEA has obtained approvals from all its existing lenders and replaced all the lenders of Escotel by raising Rs 450 crore through a project recourse loan from Rabo Bank and short-term loans from Bank of India, UTI Bank, HDFC Ltd and non-fund based facilities from Punjab National Bank.
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