Vodafone Idea dismissed recent media reports alleging discussions with Elon Musk's Starlink through a stock exchange notification. On December 29, a news outlet claimed that Musk was engaging in talks to partner with Starlink at the Vibrant Gujarat summit on January 10, potentially including Vodafone Idea as a suitor for Starlink's entry into the Indian market. Responding to queries from the Bombay Stock Exchange (BSE), Vodafone Idea clarified, "The Company is not engaged in any such discussions with the named party. We are unaware of the basis of the mentioned news item."
Following this clarification, Vodafone Idea's shares plummeted, trading with a 5 percent loss as of 13:30. Earlier in July 2023, ET reported that Starlink had applied to the Indian National Space Promotion & Authorization Centre (IN-SPACe) for clearances to establish earth stations. Starlink had faced regulatory issues in 2022, returning pre-booking funds to Indian consumers after the Department of Telecommunications (DoT) instructed the need for regulatory approvals before accepting pre-orders for its services. Subsequently, Starlink withdrew its communication for pre-orders and initiated steps to obtain the necessary regulatory clearances.
Recent reports hinted at the possibility of an announcement during Musk's visit to Gujarat in January regarding the company's potential establishment of a factory in India.