Malaysia's Axiata is reportedly looking to sell its 20% stake in Idea Cellular as it believes the telecom provider’s valuation will remain subdued for at least the next three years. Axiata had originally asked Idea’s parent, the Aditya Birla Group, to buy back the holding but was turned down. Axiata has passed a board resolution to sell its stake in the company. The estimated share value of Idea Cellular on Axiata’s books has been pegged at Rs 155 apiece.
Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.
