Idea ties up Rs 5,770 crore for 3G

“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 Rs 5770 crore”, Idea Cellular CFO Akshya Moondra told PTI.

He said the company is also planning to raise Rs 2,500 crore from overseas markets and the fund would be utilised for 3G and 2G networks among other things.

Idea has won 11 circles for 3G services — Maharashtra, Gujarat, Andra Pradesh, Madhya Pradesh, Himachal Pradesh, UP (East and West), Punjab, Haryana and Kerala.

Bharti Airtel, country’s largest operator, is learn to have raised Rs 8,500 crore to pay for the 3G spectrum. It has to pay Rs 12,295 crore for its 13 circles