With return on investments (ROI) ranging between 25-30 per cent, Indian telecom has become one of the most attractive destinations for the private equity players worldwide. And this action is now shifting to the telecom infrastructure and VAS players too. From initial funding to minority stakes and now even acquiring control, from the start-ups to mid-size companies and even mature listed companies, it is all happening in Indian telecom. The soaring Indian telecom industry has in the last one year witnessed frenetic activity as PE investors hope to repeat Warburg Pincus' success with Bharti Airtel. In 2006, the telecom sector accounted for about 44 per cent of the total value of all private equity deals in India, spread over 19 deals, according to a study by Delhi-based KPO firm SmartCube. The zooming equity markets and robust GDP growth have added to create an increased appetite among private equity firms. Even though it is ranked sixth in the telco sweepstakes, Idea Cellular, for instance, saw multiple investments from various private equity groups prior to its IPO. UK based GLG Partners picked up an 8 per cent stake in the company for $213 million. ChrysCapital invested $116 million for a 5 per cent stake. Providence Equity Partners invested $400 million for a 16 per cent stake, while TA Associates acquired a minority stake. In fact, acquisition of the stake in Idea marked the entry into India for funds like Providence and TA Associates. The other Indian telco that has seen high PE interest was Tata Teleservices. Singapore's Temasek Holdings and Sterling Infotech invested approximately $397 million in the company. […]