Vodafone India, Idea Cellular in exploratory merger talks

Vodafone Group Plc`s Indian arm is in exploratory talks around a possible merger with its smaller domestic rival Idea Cellular

Reuters| Last Updated: Aug 23, 2016, 16:39 PM IST
Vodafone India, Idea Cellular in exploratory merger talks

Mumbai: Vodafone Group Plc`s Indian arm is in exploratory talks around a possible merger with its smaller domestic rival Idea Cellular , 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.