Vodafone Plc reportedly in early talks to buy a majority stake in Tata

Tata Teleservices Maharashtra Ltd surged in Mumbai trading yesterday, heading for a seven-month high, after a report that Vodafone Plc was in early talks to buy a majority stake in its unlisted parent from the $100 billion Tata group.

Shares of Tata Teleservices Maharashtra climbed 15 per cent and traded 11 per cent higher to 8.50 rupees, poised for the highest close since May 21st.

The Mumbai-based firm provides telephone services in the western Indian states of Goa and Maharashtra, while parent Tata Teleservices Ltd with Japan's NTT Docomo is a pan-India mobile-phone operator.

Vodafone is in discussions to buy out the Tata group's 59.45 per cent stake in Tata Teleservices, a deal that would help it overtake Bharti Airtel Ltd as India's largest wireless provider by subscribers, the Economic Times reported. – (Bloomberg)