Idea Cellular mum on stake sale

"The company continuously evaluates various proposals from time to time," said Idea Cellullar in a regulatory filing.

"As and when a definitive proposal is considered and approved by the company's board, we shall forthwith comply with our disclosure obligations under the listing agreement," it added.

According to reports, the company is in talks with two firms including the United Arab Emirates-based Emirates Telecommunications Corp to sell 26 percent of its stakes.

Earlier this month, an official of Emirates Telecommunication Corp was quoted as saying by the media that the company is considering different options in the Indian market. He did not rule out an investment in Idea Cellular.