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Japanese technology major Softbank has denied reports of it being in talks with Vodafone and Idea Cellular for a merger.
"We would like to categorically deny SoftBank's participation in the alleged Vodafone - Idea Cellular merger in India. We underline that we have held no such discussions and media reports about the same are baseless and unsubstantiated," Softbank said in a written statement.
The statement comes in the wake of a news report claiming that Softbank was in talks with Vodafone to pick up stake in the Indian unit and was looking at 15-20 per cent stake in the merged entity.
Idea Cellular shares were trading 4.67 per cent higher at Rs 117.70 on the BSE at about 2.25 pm. There was a spurt in volume by more than 3.68 times.
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