‘No Such Proposal Before the Board’: Vodafone Idea on Reports of Investment by Verizon, Amazon

Vodafone Idea’s statement followed a report in local newspaper the Mint that Verizon and Amazon may invest more than $4 billion for a stake in heavily indebted Vodafone Idea.

The telecoms carrier’s shares rose as much as 30% following the report.

Vodafone Idea won something of a reprieve this week as India’s top court gave mobile carriers 10 years to settle government dues, but the company’s longer-term problems are not over.

Vodafone Idea, a joint venture between Britain’s Vodafone Group and India’s Idea Cellular, still owes roughly $6.8 billion to the Indian government.