India : Vodafone India, Idea Cellular in exploratory merger talks

MUMBAI : Vodafone Group Plc’s (VOD.L) Indian arm is in exploratory talks around a possible merger with its smaller domestic rival Idea Cellular (IDEA.NS), according to a CNBC TV18 report on Tuesday, citing unnamed sources.

A spokesman for Vodafone India, India’s No. 2 mobile carrier by market share, declined to comment on the report. A spokeswoman for Idea also declined to comment on the matter.

Shares in Idea, the country’s No. 3 operator, rose 5.7 percent in afternoon trading following the news.