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India’s Idea to raise $528m via debt
27 May 2010
Idea Cellular which has won 3G licences for 11 districts in India, is to raise debt of $528 million from international lenders
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Indian operator Idea Cellular is looking to raise about $528 million by issuing debt or borrowing funds overseas. The proceeds will be used for 3G and 2G networks. The Indian operator has closed a plan to borrow $852 million and is looking to raise debt in foreign currency.
The Indian government had raised $10.9 billion from the sale of wireless licences to companies including Idea and Vodafone.
Idea has secured 11 districts or circles for 3G services, Maharashtra, Gujarat, Andra Pradesh, Madhya Pradesh, Himachal Pradesh, United Provinces (East and West), Punjab, Haryana and Kerala. Along with the huge fee for winning the auction, the winners will also have to inject significant amounts for rolling out the services. GTB