Business / No investment proposal from Google being considered: Vodafone Idea

After media reports said Google is looking to buy around 5% stake in Vodafone Idea, the telecom operator clarified that no such proposal is being considered by its board. Reacting to the reports, shares of the company surged as much as 33% on Friday. Vodafone Idea's response came after stock exchanges sought clarification on the reports from the company.

Deccan Herald : May 29, 2020, 05:50 PM

Mumbai: Shares of Vodafone Idea on Friday zoomed nearly 30 per cent amid reports that tech titan Google was eyeing a minority stake in the British telecom group’s struggling India business.

Reacting to the reports, stock of the company rallied 29.89 per cent to Rs 7.56 on BSE.

On NSE, it rose sharply by 25 per cent to Rs 7.25.

The investment in Vodafone Idea will pit the search giant against Facebook which has picked up a stake in Jio Platforms, the firm that houses India's youngest but biggest telecom company - Reliance Jio.

Alphabet Inc's Google is looking to buy about 5 per cent stake in Vodafone Idea Ltd, the Financial Times reported on Thursday.

Both companies refused to comment.

The move assumes significance as Vodafone Idea -- where Vodafone holds just over 45 per cent stake -- is staring at nearly Rs 58,000 crore in unpaid statutory dues.

The BSE, meanwhile, has sought clarification from Vodafone Idea with reference to report.