Vodafone Idea dismisses SpaceX tie-up

Vodafone Idea dismisses SpaceX tie-up

Vodafone Idea denied Elon Musk’s SpaceX was looking to buy a stake in the operator as a move to deploy Starlink in India. 

The company replied to a request from the Bombay Stock Exchange for clarification on media reports claiming a tie-up was being discussed, which then increased the operator’s stock price. 

Vodafone Idea said in a statement: “We would like to submit that the Company is not in any such discussion with the named party. We are not aware of the basis of the said news item.”

Shares jumped 21%  on Friday upon publishing of a report from TheBusinessWorld, and grew a further 6% on Monday, reported Reuters. 

Vodafone Idea has struggled in India since entering the market in 2018 having never made a profit.

Starlink recently gained a five year licence to operate in Papua New Guinea. 

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