Multinational mobile companies such as Nokia, Samsung, Motorola and LG, who dominate the mobile handset space with over 75 per cent of the market share, might face a new challenge. This time it's not from Chinese unbranded products, which have been flooding the Indian market.
The company has invested about Rs 300 crore (Rs 3 billion) for resuming production at the Modinagar plant near Meerut. The earlier tie-up with Continental, which is the world's fourth-largest tyre producing company, had lapsed after the closure of the plant in 2001. Labour unrest and litigations had led to the closure of the unit then.
Amid a crowd of suitors lining up for acquiring Satyam Computer Services, the board of the beleaguered IT firm started its meeting on Wednesday.
The Spice Group on Wednesday alleged that there was no openness and transparency in the bidding for the troubled Satyam Computer and said it would soon decide on whether to go ahead with the bidding process.
The department of telecommunications has raised questions about the merger between Idea Cellular and Spice Telecom violating key clauses on intra-circle merger and mobile licence conditions.
Electronics and white goods manufacturers such as Videocon, Spice, Usha and Mirc Electronics have begun engaging the services of Independent design houses to take on the likes of global giants including Nokia, Sony Ericsson and LG in the mobile handset space. An IDH conducts research and development and designs handsets to enable Indian telcos launch their own mobile handset brands. It takes an upfront one-time fee for the purpose.
His resignation comes at a time when the cash-strapped airline is looking at various ways to get in fresh investment. The airline will either look at a merger with Kingfisher Airlines, which is promoted by liquor baron Vijay Mallya, or a possible infusion from US distress fund Wilbur Ross, which is willing to pump in money.
Differences within the Cellular Operators Association of India have come out in the open again with Spice Telecom Chairman B K Modi supporting the government's move, announced on Monday, to launch "number portability" in four big cities and auction 3G spectrum for incumbents and new players.
Flush with cash from his wireless telephony company's sale, industrialist B K Modi is negotiating to acquire 39 per cent stake in Indian television company, Multi Screen Media, earlier known as Sony Entertainment Television. Modi, who was earlier eyeing the 32 per cent stake held by Indian shareholders, is now looking at acquiring an additional 7 per cent held by trusts. He is also planning to re-brand the television channel as Sony Spice TV.
Telecom to Telekom Malaysia in an attempt to complete the merger, sources involved in the negotiations said, declining to be identified. The group has hired Enam Financial as adviser to the transaction. Investment banking sources said the lawyers from both the parties are now busy structuring the deal so that the acquisition meets all the regulatory norms of the country and the Birlas retain control over Idea Cellular.
A team of Telekom Malaysia officials will meet US-based billionaire B K Modi and officials of Idea Cellular in Mumbai on Friday, a top official at Spice Communications said. Another option is to permit Telekom Malaysia raise its stake in Spice Communications to 74 per cent. Even though, Idea Cellular will have no role to play in this deal, the Modi family will sell around 14 per cent stake and retain a 26 per cent stake.
Spice Communications, owned by billionaire B K Modi, may consider buying out Telekom Malaysia, its partner in the phone company, if the latter fails to come up with a stake-raising plan by June, a top company official said. Telekom Malaysia, South Asia's second largest telecommunications company, owns 39.2 per cent in the Indian company and was keen to increase it to 74 per cent, the upper limit for foreign direct investments in the Indian telecom sector.
B K Modi-controlled Spice Mobile is all set to launch its GSM phone for Rs 800 this month. Branded as the 'People's Phone', the handset, a very basic model, doesn't have a display screen. Spice officials believe the company will sell around one million units in India and 10 million globally over the next 12 months.
In yet another move to strengthen his association with the Sony Group, Spice Chairman B K Modi is in talks to buy stake in Sony BMG, the group's music subsidiary.
B K Modi-promoted Spice Communications will decide before November 12 whether it will pull out of the COAI's petition in the TDSAT, where the association has challenged the government's decision allowing dual technology use and enhanced subscriber-based spectrum allocation.
The Aditya Birla group's wireless telephony firm Idea Cellular has agreed to buy Spice Communications in a three-stage deal in which minority shareholders of Spice would be given an option either to swap their shares for the Birla group firm or sell them in an open offer.
Idea Cellular, the Aditya Birla group firm that is on the verge of taking over Spice Communications by buying out B K Modi's 41 per cent stake, is sounding out its bankers to raise funds to upgrade in the struggling telecom operator's network and technology.
During the proceedings, Spice Telecom's counsel Mukul Rohatgi contended that DoT decided not to allow the licence as the operator had a turnover of only Rs 1,100 crore (Rs 11 billion). The decision was discriminatory, he said. However, Telecom Dispute Settlement and Appellate Tribunal declined to pass any interim relief to the firm.
B K Modi will co-host the India Splendor event to celebrate India@60.
Ficci also said the new leadership is expected to recognise the industry concerns on land, labour and environment.
Spice Communications, a company that offers GSM services in Punjab and Karnataka through its Spice Telecom brand, intends to raise Rs 520 crore (Rs 5.20 billion) through its initial public offering (IPO).
Idea Cellular, the fifth largest mobile operator in the country with around 15 million subscribers, is believed to be on the verge of clinching a cash-cum-equity buyout of Spice Telecom that values the latter at around $1 billion.
The Rashtriya Janata Dal chief and railway minister reportedly distributed money to people in Patna on Sunday.
Welcoming US President George W Bush's second term in the White House, industry bodies on Thursday said it would further strengthen Indo-US trade and economic ties.
Besides the manufacturing industry, voices in favouring the need for protectionism have also been heard from local start-ups, which at times find it tough to compete with global players that entered India with deep pockets.
Federation of Indian Chambers of Commerce and Industry charted a roadmap for 8-10 per cent economic growth
Close on the heels of the Indian team's visit to Thailand for discussions on bilateral free trade agreement, FICCI president Y K Modi met Thailand Prime Minister Thaksin Shinawatra in Bangkok to promote business ties between the two countries.
Banner Healthcare on Monday announced a tie-up with K K Modi Group company Healthcare Placements India Pvt Ltd for recruiting nursing professionals from India.
The Federation of Indian Chambers of Commerce and Industry is not worried over the recent statements made by the Left parties advocating radical changes in the economic policy and has recommended a 10-point agenda for the new government.
The Rs 2,500 crore K K Modi group on Tuesday made a foray into the fast-growing cosmetics market, eyeing a ten per cent share of the Rs 800 crore segment.
Unperturbed by the change of guard at the Centre, India Inc on Thursday exuded confidence that economic reforms would continue to be the focal point of the new government even as it emphasised on stability.\n\n\n\n
The Federation of Indian Chambers of Commerce and Industry is 'very hopeful' that the seven SAARC nations would be able to clear all roadblocks on the way to signing of Saarc Free Trade Agreement (SAFTA) at the Islamabad summit.
Sounding the poll bugle for the second phase of Assembly elections in Udhampur, Prime Minister Narendra Modi on Friday sought a clear mandate for the Bharatiya Janata Party in Jammu and Kashmir for the state's development
Zeev Leshem, Chief Operating Officer, Fortune online lottery, says the Indian online lottery market is big enough to accommodate at least five operators.\n\n\n\n
Building of Ram temple was not the only aim to ensure that the Bharatiya Janata Party comes to power, Vishwa Hindu Parishad leader Ashok Singhal said on Thursday.
Rashtriya Swayamsevak Sangh Chief Mohan Bhagwat on Friday said people of India have not treated Hinduism as their fiefdom but as their heritage meant for the world and there is a greater need for people in the country to have knowledge of its roots than those abroad.
BK Modi-promoted group registers company 10 days before the deadline
If the deal is indeed being considered, this will be the first time that Ambani will be putting his money in a print media venture since he and his younger brother, Anil Ambani, split businesses to form their own groups
Business reacted with caution to the reforms of 1991, and demanded protection from multinationals and imports. Twenty-five years later, traces of that demand can still be found, reports Bhupesh Bhandari.
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