Tata Communications reportedly is in talks with Vodafone about a deal that would have Vodafone buying all of Tata Communications, though talks are said to be at a preliminary stage.

Vodafone had been expected to go on a buying spree after selling its stake in Verizon Wireless to Verizon Communications, and the rumored Tata Communications deal is the first evidence that Vodafone is moving.

Tata Communications is the number one global international wholesale voice operator and number one provider of international long distance, enterprise data and Internet services in India, earning about $3 billion annually.

Tata Communications’ financial results for the quarter ending June 30th 2013 showed consolidated gross revenues growth of 10 percent at Rs. 44,980 million (US$806 million), compared to US$761 million in the same quarter last year. Annualized, that suggests Tata Communications yearly revenue in the range of $3.6 billion.

Global voice services, including international long distance, featured usage of 13.9 billion minutes, up from 13.1 billion minutes year over year.

International long distance net revenues grew 12 percent year over year.

Global data services gross revenues also grew at 12 percent, representing revenue of Rs. 17,958 million (US$322 million) during the quarter, up from Rs. 15,980 million (US$296 million) for the same quarter last year, Tata Communications said.

The Tata Communications global network includes what Tata says is one of the most advanced and largest submarine cable networks and a Tier-one IP network with connectivity to more than 200 countries and territories across 400 PoPs, as well as nearly one million square feet of data center and collocation space worldwide.

Tata Communications also has strategic investments in South Africa (Neotel), Sri Lanka (Tata Communications Lanka Limited) and Nepal (United Telecom Limited).

A Vodafone acquisition of Tata Communications would be part of Vodafone's quest for growth outside Europe.