The CCEA today approved private equity firm Providence Equity Partners’ Rs 2,704-crore purchase of a 20 per cent stake in Aditya Birla Telecom Ltd (ABTL), a unit of Idea Cellular, the country’s fifth-largest mobile operator.

ABTL owns telecom licences in Jharkhand and Bihar. The CCEA has also approved Idea’s plan to transfer to ABTL its holding of 16 per cent in Indus Towers, a joint-venture mobile tower company with Bharti Airtel and Vodafone Essar.

ABTL will use the funds for expansion activities, including network rollout and ongoing operations. The company is expected to launch services in the Bihar circle.

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