Vodafone Idea issues clarification on reports of Google picking stake in company

“As part of corporate strategy, the company constantly evaluates various opportunities for enhancing the stakeholders’ value.” Vodafone Idea said on Friday.

Reacting to the reports of tech giant Google eyeing a 5 per cent stake in the company, Vodafone Idea on Friday clarified that there is no proposal before the board of the firm as yet.

The clarification to the BSE by Vodafone Idea comes a day after reports published in Financial Times said, Alphabet Inc’s Google is considering to buy a 5 per cent stake in financially-stressed telecom major.

“As part of corporate strategy, the company constantly evaluates various opportunities for enhancing the stakeholders’ value. As and when such proposals are considered by the board of directors of the company warranting disclosures, the company shall comply with the disclosure obligations,” Vodafone Idea said on Friday.

Currently, there is “no proposal” as reported that is being considered at the board, it added.

“We wish to reiterate and clarify that the company will comply with Sebi Listing Regulations and duly keep the stock exchanges informed of all the price-sensitive information,” it said.

The FT report published on Thursday had said, “Pursuing Vodafone Idea instead would potentially pit Google against Facebook and an increasingly dominant Jio but the company could also make multiple investments in India.”

After such positive reports Vodafone Idea’s shares jumped to witness a 35 per cent high on the BSE.