Private equity group buys into Indian telecom player

Idea Cellular, part of India's AV Birla group, completed a private equity placement on Friday last week selling a 25% stake in the company to four private equity investors.The largest investor, Providence Equity Partners, acquired a 15% stake for an estimated $400 million, while TA Associates and ChrysCapital are reported to have invested around $120 million each for a collective 8% stake. The fourth investor is reported to be Citigroup which bought the remaining 2% stake - though no …