Vodafone Idea surges 7% on news of proposed Bharti Airtel JV

Vodafone Idea rallied more than 7 percent intraday on March 29 on news report the telecom major is seeking equal stake in a proposed Rs 40,000-crore optic fibre joint venture with Bharti Airtel.

According to a report in The Economic Times, the proposed JV, which is valued at Rs 35,000-40,000 crore, will eclipse Reliance Jio Infocomm's optic fibre route.

"Broad agreements to form the JV are in place, with Vodafone Idea’s 156,000 route km of optic fibre and Airtel’s 246,000 route km together eclipsing Mukesh Ambani-owned Reliance Jio Infocomm’s 300,000 route km, which is set to be hived off as a separate unit. The intention is to bring in a strategic partner in the JV in about a year from deal closure," the daily reported.

At 1203 hrs, Vodafone Idea was quoting Rs 18.65, up 7.14 percent on the BSE.

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