­Malaysia's Axiata Group has said that it has no plans to increase its stake in the Indian mobile network, Idea Cellular. The company currently owns around 20% of the Indian network.

"We are happy with the status quo," Axiata Group chief financial officer James Maclaurin said on the sidelines of an event in Mumbai.

The denial follows recent media reports of some sort of deal between the two companies, but is a repeat of the denial issued last year when there was speculation that Axiata wanted to raise its stake to 25%.

A few months ago, Axiata Group reportedly approached Aditya Birla Group, which is the majority shareholder in Idea Cellualar about a possible merger of their respective tower assets to create an international joint-venture.

Axiata owns subsidiaries in Malaysia, Indonesia, Sri Lanka, Bangladesh and Cambodia and has minority stakes in networks in Singapore and Iran - as well as the Indian stake.