Vodafone Idea has has denied media reports that tech titan Google was eyeing a minority stake in Vodafone Inc’s India business. “Currently, there is no proposal as reported by the media that is being considered at the Board,” Vodafone Idea clarified in a regulatory filing to the exchanges.
At the same time, Vodafone Idea pointed out that it evaluates opportunities at any given time. “As part of corporate strategy, the company constantly evaluates various opportunities for enhancing the stakeholders’ value,” the company said.
An investment by Google in Vodafone Idea, if it materialises, would pit the search giant against Facebook, which has already picked up a stake in Reliance Industries’ subsidiary, Jio Platforms.
Vodafone Idea reiterated that it will comply with disclosure obligations under the SEBI regulations as and when proposals are considered by the board of directors.
The stock of Vodafone Idea had rallied about 35 per cent on the BSE to an inntra-day high of Rs 7.85 in mid-day trading. However, the stock trimmed its gains post the clarification and, as of 2:30 pm, it was trading a Rs 6.55, higher by Rs 0.80 or 12 per cent.