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Our Bureau

Mumbai , Sept. 28

INDIAN Rayon said on Wednesday that it has acquired 371.8 million equity shares in Idea Cellular for $150 million from Cingular Wireless of the US. This represents 16.45 per cent of Idea's paid-up equity.

Earlier, the Tatas and the A.V. Birla group had agreed to buy out the Cingular stake in Idea Cellular.

According to an Indian Rayon press release, the transaction will raise Indian Rayon's shareholding in Idea to 20.74 per cent and that of the Aditya Birla group to 50.15 per cent.

Idea is an equal joint venture between Cingular and Tatas and the A.V. Birla group.

According to recent reports, the company posted a net profit of Rs 76 crore in the fiscal ended 2005.

The company is licensed to operate in 11 circles. Its subscriber base has crossed the six-million mark and will probably touch seven million next year.

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