Vodafone Essar, India's No.3 mobile company, has decided not to proceed with an initial public offering of the joint venture for now, sources familiar with the matter told Reuters on Thursday.
The decision comes after a dozen investment banks last month participated in a beauty parade to bag a mandate for the IPO, which could have raised up to $1.5 billion, sources previously told Reuters.
"They are not going ahead for now," a source told Reuters. The source did not go into detail as to why Vodafone-Essar had decided to postpone the plan.
The sources declined to be identified because they were not authorised to speak to the media.
Essar has been in talks with banks to explore options, including an IPO, for its stake in Vodafone Essar.