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Idea ties up Rs5,770 cr for 3G; may raise Rs2,500 cr

Idea ties up Rs5,770 cr for 3G; may raise Rs2,500 cr
PTI
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First Published: Wed, May 26 2010. 07 15 PM IST
Updated: Wed, May 26 2010. 07 15 PM IST
New Delhi: Aditya Birla Group’s mobile firm Idea Cellular on Wednesday said it has tied up funds to pay the government Rs5,770 crore for the 3G spectrum it has won in 11 circles.
“We have tied up all the funds required to pay for the 3G spectrum. It is a mix of loans from banks, existing debt and cash balance. We have to pay Rs5770 crore,” Idea Cellular CFO Akshya Moondra told PTI.
Winning mobile operators have to pay 3G spectrum fee by 31 May to the Department of Telecom.
He said the company is also planning to raise Rs2,500 crore from overseas markets and the fund would be utilized for 3G and 2G networks among other things.
Idea has won 11 circles for 3G services -- Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Himachal Pradesh, UP (east and west), Punjab, Haryana and Kerala. In addition to the hefty fee for winning the auction, the winners have to invest significant sums for rolling out the services.
As the deadline is drawing closer, nine mobile operators are leaving no stone unturned to raise the money. SBI, LIC, HDFC, HDFC Bank, Punjab National Bank are the leading lenders being approached by them.
Bharti Airtel, country’s largest operator, is learnt to have raised Rs8,500 crore to pay for the 3G spectrum. It has to pay Rs12,295 crore for its 13 circles.
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First Published: Wed, May 26 2010. 07 15 PM IST
More Topics: Idea | 3G | Telecom | Mobile | Corporate News |