Vodafone said on Monday it was in talks to merge its Indian operations with rival Idea Cellular in an all-share deal that could help the groups counter the fierce competition in the market.
In a short statement, Vodafone said 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.
In an e-mailed statement, Vodafone said, “Vodafone Group Plc notes the recent media speculation regarding a potential combination of Vodafone India and Idea Cellular.”
However, the telco maintained that there was no certainty the transaction would come through. It did not commit to any timeline for the transaction too.
It said, there is “no certainty that the transaction will be agreed, nor as to the terms or timing of any transaction.”
