New tariffs to apply to all customers with immediate effect and the move is aimed at bringing in greater RPMs (revenue per minute) and profitability.
Market sources said that RCom has made an initial commitment to invest between Rs 25-30 crore.
The acquisition will enable the Anil Ambani group company to foray into the African country. However, financial transactions of the deal were not disclosed.
Reliance Communications announced a new rate plan - Simply Unlimited Pack - with unlimited talk time on a single monthly recharge for its CDMA pre-paid customers.
RCom shares fell 0.34 per cent to Rs 145.50 at the close on the BSE.
But with the tower asset sale being called off, RCom now has to wait for a new plan before it can reduce its staggering Rs 33,000-crore (Rs 330-billion) debt, which would have been reduced by over half (Rs 18,000 crore or Rs 180 billion) if the tower deal would have gone through.
The Telecom Regulatory Authority of India has sought details of the arrangements made by Reliance Communications to restore bandwidth in case of submarine cable failure.
Total income rose 6.55 per cent to Rs 5,361 crore (Rs 53.61 billion) compared with Rs 5,031 crore (Rs 50.31 billion) for the same period last year.
French telecom infrastructure player Alcatel has bagged an approximately $350 million (roughly Rs 1,400 crore) contract from FLAG Telecom, a subsidiary of Reliance Communications (RCom), to build a fully IP-enabled Trans-Pacific undersea cable.
Reliance Communications (RCom), the country's second biggest mobile operator promoted by Anil Ambani, has earmarked Rs 30,000 crore for capital expansion this financial year with an aim to take its subscription to 100 million by 2010 from the current 60 million.
In a meeting on Thursday evening, the RCom management, led by CEO Punit Garg, requested the bank representatives to release Rs 260 crore it received as I-T refund so that it could repay the dues to Ericsson.
The battle for subscribers in the direct-to-home (DTH) market is hotting up with Reliance Communications (RCom) close to finalising a bulk deal with the country's leading TV manufacturers -- LG Electronics, Samsung India and Sanyo -- which will be offered to customers at a hefty discount bundled with a DTH package.
Currently, subscribers pay 50-60p for an SMS. By comparison, Tata Teleservices charges a paisa per word, for up to 15 characters.
A high-profile team from MTN is also expected to meet Reliance Industries Ltd next week to take stock of the situation. RCom had informed the bourses on May 26 that it has entered into exclusive negotiations with MTN for 45 days soon after the South African giant aborted its talks with the Sunil Mittal-controlled Bharti group. The deadline will end on July 8.
The loan is funded by a consortium of banks led by Australian and New Zealand Banking Group Ltd, BNP Paribas, Credit Agricole Corporate and Investment Bank, DBS Bank Ltd and Intesa Sanpaolo Spa, RCom said in a filing to the Bombay Stock Exchange.
The company has increased the cost of 1 GB of 3G internet usage to Rs 156 from Rs 123 it charged earlier.
The debt resolution involves RCom exiting the SDR framework with no conversion of debt into equity and zero write-off by lenders, Anil Ambani said, adding that he expects full closure by March 2018.
.jpg)
The existing shareholders will get one RPL share for each RCom share (of Rs 130 market price) held.
Reliance Communications on Wednesday announced 1,000 free minutes of usage for GSM subscribers for calls to any other Reliance mobile in the Delhi-NCR region.
The dual-technology operator plans to divert its mobile customers and those who use mobile internet to the GSM side of its business, and devote the CDMA business exclusively to dongles.
Firming up its plans to rollout 3G services in the country, Anil Ambani-controlled Reliance Communications (RCom) is planning to overlay a 3G infrastructure on its nationwide GSM network.
India's third largest network service provider, Reliance Communications (RCom), is close to signing an agreement with US-based GetJar to launch its own application store (app store, software modules to run specific tasks on own mobiles), sources said.
A deal between MTN and RCom could be announced this weekend despite threats of legal action to block the deal, the Wall Street Journal said in a report in its online edition on Thursday, quoting two unnamed people familiar with the situation. The report added that the two companies are "getting very close to announcing the deal. If there are no last-minute disagreements, the announcement may come as early as Sunday or sometime next week."
The telecom services provider had a net profit of Rs 1,395.14 crore (Rs 13.95 billion) in the third quarter of FY'08, RCom said in a filing to the Bombay Stock Exchange. RCom's total income rose by 18.75 per cent to Rs 5,671.82 crore (Rs 56.71 billion) for the quarter under review from Rs 4,776.26 crore (rs 47.76 billion) in the corresponding period last fiscal.
Anil Ambani's Reliance Communications, which offers GSM and CDMA mobile services, said it added 1.62 million new mobile users in March.A company official said the net additions from January to March this year stood at 4.83 million. RCom, the country's largest CDMA operator, added 1.6 million mobile users each for the first two months.
US and European institutional investors bought a majority of shares in the over Rs 4,800 crore (Rs 48 billion) QIP offering by telecom operator Reliance Communications.
Reliance Communications Ltd (RCom) on Friday announced the sale of 51 per cent stake in its telecom tower business to Canada-based Brookfield Infrastructure Group, for an upfront cash payment of Rs 11,000 crore.
DoT decides not to scrap dual-technology telecom licences
In what could be one of the largest outsourcing deals in the Indian telecom space, Reliance Communications is close to awarding a $500-600 million (Rs 2,500-3,000 crore) operations and maintenance contract to Foprench telecom infrastructure provider Alactel-Lucent.
Reliance Communications chairman Anil Ambani on Thursday met Finance Minister P Chidambaram and senior DoT officials, even as his company started examining the books of Hutchison Essar Ltd for a possible bid.
The Mumbai-based firm is on a cost optimisation drive through outsourcing of network management services and call centre operations.
Pointing out to the 133-acre Dhirubhai Ambani Knowledge City on the outskirts of the financial capital, he said there is huge realty play opportunity that RCom's erstwhile corporate headquarters possesses, and pegged the potential value creation at the site at Rs 25,000 crore.
RCom proposed to raise Rs 10,000 crore through a long-term fund-based facility and the remaining Rs 3,000 crore through a non-convertible debenture issue. The firm is raising the debt to meet the capex requirements of various projects, including expansion of GSM network, and repayment of debts. The capex for the next financial year (Rs 150 billion) also includes expansion plans of its telecom infrastructure subsidiary, Reliance Infratel.
Mukesh Ambani's Jio, high debt and some bad decisions drove RCom to its grave.
Reliance Communications has received a $750 million (Rs 3,000 crore) loan from China Development Bank that would be invested in building a nationwide GSM footprint for the telephony major. The Anil Ambani group company has received the loan for a ten-year period and at a rate of Libor (London Inter-Bank Offered Rate) plus 80 basis points. RCom had received the Reserve Bank of India (RBI) approvals for the loan, sources close to the development said.
Jio's disruptive strategy, including free voice services and data at throwaway rates, apart from offering all services free for six months, triggered a consolidation in the telecom sector.
The Telecom Regulatory Authority of India (Trai) has given its recommendations on the much-awaited issue of spectrum sharing.
RCom had net debt of about Rs 40,222.6 crore at the end of June 30.
.jpg)
RCom slashed 3G prices for all kind of connections -- pre-paid, post-paid, new and old -- across 13 circles where its third-generation services are available.
DoT had raised the demand on December 22 and asked RCom to pay within a month.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances