India : Vodafone India, Idea Cellular in exploratory merger talks
Tue Aug 23 2016
Ramesh Sridharan (877 articles)

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.

Ramesh Sridharan

Ramesh Sridharan

Ramesh Sridharan is our Stock Market Correspondent covering events and daily movements of stock markets in Asia. He is based in Mumbai

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