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How much return did Providence make from Idea Cellular exit?


Global private equity firm Providence Equity Partners LLC has exited its debut investment in India by selling the final tranche of its stake in Idea Cellular Ltd on Tuesday. It had previously made two partial exits from the Aditya Birla Group-promoted telecom service provider, in 2014 and 2016. With the latest transaction, it has completely exited its maiden India bet, which it placed way back in 2006. Providence had originally bought about 15% in Idea in 2006 for around Rs 1,800 crore ($400 million then). The telco went through an IPO and Providence's stake got diluted further later due to...

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Providence Equity Partners LLC is a private equity firm with $45 billion assets under management. It provides capital for buyouts, recapitalization of family-owned businesses and growth capital to companies. The fund seeks to invest in media, entertainment, communications and information sectors. It invests between $250 million and $2.5 billion in its portfolio companies. Providence Equity Partners LLC was founded in 1989 and is based in New Delhi, India with additional offices in Providence, USA, Hong Kong and London.

Idea Cellular Ltd. (formerly known as Birla Communications Ltd.) in providing telecommunication services. It provides a system for mobile communication (GSM) based mobile services and related telephony, and long distance services to individuals and businesses in India. It offers plans for postpaid, prepaid, value added services, mobile internet, roaming, etc. The firm also provides voice-based services; connectivity based services and location-based services. The company was founded in 1995 and is based in Gandhi Nagar, Gujarat. Idea Cellular Ltd. operates as a subsidiary of Aditya Birla Management Corporation Pvt. Ltd.

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