Vodafone stated that it was in talks to merge its Indian operations with Idea Cellular, its rival telecom company in an all-share deal that could help the groups counter the fierce competition in the market.
In a short statement, Vodafone stated it was in talks with Idea’s parent, conglomerate Aditya Birla. It said any merger would involve Idea issuing new shares to Vodafone and would result in Vodafone deconsolidating Vodafone India.
Shares in Vodafone were up 3.5% in early trading.
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Sameeksha Bhardwaj, From ITvoir News Desk