Vodafone Plc reportedly in early talks to buy a majority stake in Tata
Discussions involve 59.45 per cent stake in Tata’s teleservices
A store displays advertising for Vodafone Group Plc on Dahanu Road in Kainad, Maharashtra, India. Photograph: Dhiraj Singh/Bloomberg
Tata Teleservices Maharashtra Ltd surged in Mumbai trading yesterday, heading for a seven-month high, after a report that Vodafone Plc was in early talks to buy a majority stake in its unlisted parent from the $100 billion Tata group.
Shares of Tata Teleservices Maharashtra climbed 15 per cent and traded 11 per cent higher to 8.50 rupees, poised for the highest close since May 21st.
Vodafone is in discussions to buy out the Tata group’s 59.45 per cent stake in Tata Teleservices, a deal that would help it overtake Bharti Airtel Ltd as India’s largest wireless provider by subscribers, the Economic Times reported. – (Bloomberg)