London: 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.
Shares in Vodafone were up 3.5 percent in early trading.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
