Telekom Malaysia denies making solo bid for Idea stake

Telekom Malaysia has denied recent stories which claimed it made a solo bid for a 47.7% stake in India’s fourth largest cellco Idea Cellular. Telekom had lodged a USD390 million joint bid with Singapore Technologies Telemedia for the stake, but failed to obtain approval from the Indian regulator within the required six-month period. The company now says it is reviewing its options, and is still interested in investing in India and neighbouring countries.