Aditya Birla Group planning to sell around 20 per cent stake in Idea Payments Bank

The Aditya Birla Group is planning to sell a minority stake of 15-20 per cent in Idea Payments Bank in order to raise about Rs 2 billion. The payments bank, in which Idea Cellular and Aditya Birla Nuvo have a 51 per cent and 49 per cent share respectively, will use the money to expand its operations. The company has been facing difficulties in setting up and launching operations. Idea Payments Bank, the latest entrant in the space, began operations in February 2018. Bharti Airtel was the first telecom operator to begin payments bank operations in November 2016.