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24

Billionaire Birla to Buy Spectrum From Videocon for $499 Million

By Tony Seruga

Exclusive Interview With Aditya Birla Group Chairman And Billionaire Kumar Mangalam Birla

Kumar Mangalam Birla.

Photographer: Dhiraj Singh/Bloomberg

Idea Cellular Ltd., India’s third-largest wireless operator by subscribers, said it will buy airwaves from Videocon Telecommunications Ltd. in two regions for 33.1 billion rupees ($499 million), according to a statement.

The move by Idea, a company controlled by billionaire Kumar Mangalam Birla, is the first spectrum trading deal in the South Asian country as operators seek to optimize resources and cut debt. Videocon will sell its 1,800 megahertz airwaves in Gujarat and western Uttar Pradesh under the deal, which requires regulatory approvals after a due diligence, according to the statement…

Billionaire Birla to Buy Spectrum From Videocon for $499 Million

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