Idea Cellular became Aditya Birla group’s most valuable company overtaking its flagship commodity business. The market cap of the telecom business overtook UltraTech BSE, India’s largest cement company. Idea's shareholder valuation increased to 52916 crore rupees while UltraTech's was calculated at 50820 crore rupees as on 25 July 2013. The gap between Idea and Ultra Tech has been estimated at 7856 crore rupees.
Idea Cellular, which was known earlier as Birla AT&T, has made rapid progress. It started as an alliance with the Tata group, before the Tatas deciding to use CDMA technology. After initial hustle, the Birlas paid a hefty ransom of 4400 crore to buy out the Tata stake.
Idea Cellular made a series of acquisitions which included the purchase of BK Modi's Spice Telecom.
Who: Idea Cellular
When: 12 August 2013