Idea Cellular secures loan worth $215 million from EDC

Idea Cellular has secured a loan worth $215 million from Export Development Canada (EDC). The loan is under a pre-existing $500 million uncommitted financing arrangement for Idea’s parent company, the Aditya Birla Group (ABG). Under this arrangement, EDC will provide financing support to group companies under the ABG banner for transactions that are of strategic importance to both ABG and EDC. Idea will use the funds to diversify its funding sources and enhance the maturity profile of its long-term debt in a cost-effective manner. The company had a net debt of Rs 500.72 billion as of end-March 2017.