IDEA sells 47% stake

Singapore Telecom and Telecom Malaysia are close to closing their deal with IDEA Cellular of India. The two companies will jointly own 47% of the fourth largest Indian carrier. IDEA plans to go public sometime next year. Indian industrial giants, Tata and Birlas own 51% of the company. Rest of the company is held by insurance giant, AIG. STT and TM bought out AT&T’s share in the company.