Idea to shift HQ from Pune to Mumbai by April
By Rashmi Pratap, TNN |
Highlights
MUMBAI: Pune-based Idea Cellular will now be neighbour to biggies like Microsoft, Rolls-Royce and JP Morgan. The eleven-circle GSM operator is shifting its corporate headquarters from Pune to Mumbai as it prepares to get listed on the bourses next month.
Idea���s 170-plus staff at Pune will relocate to Mumbai by April this year, sources told ET. But the AV Birla Group company is not moving into the Aditya Birla Centre at Worli. Instead, Idea���s new headquarters will be located in Windsor Building at Kalina, the commercial centre in Santacruz.
The company���s current headquarters are at Sharda Centre, the IT park in Erandawane at Pune. ���The Pune office will continue to work on some back-end functions like IT. The company is making arrangements to move its staff from Pune to Mumbai,��� sources told ET. When contacted, Idea MD Sanjeev Aga refused to comment.
The company has now outgrown Pune, which was suitable as headquarters when Idea started with operations in two circles, Gujarat and Maharashtra. But, with continued expansion, especially after the exit of Tatas , Idea needed a bigger headquarters.
From being a regional player, Idea Cellular is now offering services in 10 states and two union territories and is seeking a national footprint.It has received licenses for Mumbai and Bihar circles and has applied for licences in all the 23 circles of the country.
ADVERTISEMENT
With the Rs 2,500 crore IPO round the corner, it makes better business sense for Idea to be in the financial capital of the country. The move reflects the much larger size of the company, which is adding over half a million users per month. With a subscriber base of over 12.4m, Idea has become the fourth largest GSM operator and has captured around 12% share of this market.The company filed its Red Herring Prospectus with Sebi on December 6 and is awaiting clearances from the regulator ahead of the IPO. The AV Birla group has already offloaded around 33% stake in the company to some private equity firms including Providence Equity Partners.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
