It also issued notice to the Centre and the IT department on Vodafone's plea.
Vodafone Group Plc Chief Executive Vittorio Colao today said the company could list its Indian arm and was open to acquisitions when opportunities are available in the country. The head of the world's largest mobile company in terms of revenues suggested changes in the regulatory regime for mergers and acquisitions.
The two parties -- the Centre and Vodafone -- have sought a few more weeks to decide on the matter.
IBM, Nokia Oyj, Microsoft cases could now be resolved
Reliance Jio added 34.7 lakh mobile subscribers in September, cementing its lead in the competitive telecom market, while Airtel's wireless subscriber tally rose by 13.2 lakh, according to monthly data put out by Trai. Vodafone Idea lost 7.5 lakh mobile subscribers during September, dragging its wireless user tally to 22.75 crore. Reliance Jio gained 34.75 lakh wireless subscribers in September, and its user base climbed to 44.92 crore, as per data by Telecom Regulatory Authority of India (Trai).
The IPO is expected to bring handsome fees for the selected banks at a time when billion-dollar listings have become scarce
Vodafone has to sell its entire stake in Airtel following new norms issued by government.
Vodafone, according to sources, in its response to the Finance Ministry's offer for conciliation, had expressed keenness to settle the long-pending capital gains tax dispute.
The company has already made payments for the spectrum according to rules.
The Department of Telecom (DoT) on Tuesday postponed the spectrum auction by 19 days to June 25, as per information available on its website. According to amendments made in the notice inviting applications for bids on Tuesday, the new date for "start of the live auction" has been changed to June 25 from June 6. The government will auction eight spectrum bands for mobile phone services at a base price of about Rs 96,317 crore.
The appointment is effective from February 16, 2012, following formal approval from the Board of Vodafone India.
The current termination charge is 10 paisa a minute.
The Foreign Investment Promotion Board (FIPB) on Monday deferred a decision on Vodafone's Rs 10,141 crore (Rs 101.41 billion) proposal to buy out minority shareholders in its Indian arm as the Ministry of Home Affairs is yet to give its comments.
The world's largest mobile operator by revenue, Vodafone, which operates in India with a joint venture with Essar Group, on Monday said it will invest more in India as it sees more opportunities in the country.
The revenue department, sources said, will pursue the tax demand along with accrued interest and penalty.
Vodafone India has doubled its mobile Internet rates for 2G and 3G customers across the country, and it is being implemented in a phased manner.
SC directs CBI to take action over extra spectrum allocation during NDA rule.
The company will spend Rs 10,141 crore to buy 15.5 per cent stake from minority investors.
Likely to seek FIPB approval to raise holding; deal could bring FDI of about $696 mn.
The money will be used to build capacity.
Vittorio Colao, who is currently on an India visit, said he would be open to listing his company in the country
Ruias-led Essar Group on Friday launched a scathing attack on Vodafone saying that the British company is trying to gain 100 per cent control of the telecom JV Vodafone-Essar at an "artificially depressed value".
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
Company also called for clarity on jurisdiction and role of the TRAI and TDSAT.
The foreign investment regulator cleared a decision on Vodafone Group Plc's $1.6 billion plan to take full ownership of its local unit.
Mobile services provider Vodafone on Tuesday said it has signed an agreement with software products major Apple to sell iPhone in India, besides nine other markets. iPhone is a mobile phone that allows its user to make calls by simply tapping a name or number in the address book. It lets the customer to select and listen to voice mail messages in whatever order the consumer wants.
Adjusted gross revenue of the industry has grown just 5.3 per cent during the financial year ended March 31
Vodafone, which acquired controlling stake in India's Hutch Essar, will bring its brand to the subcontinent later this year, the company's chief executive officer Arun Sarin has said.
Vodafone wrote to the government proposing conciliation.
The telecom giant has asked FinMin for a settlement.
All the three companies, which dominate India's mobile services market with about 53 per cent share, have reduced the quantum of Internet download and/or validity periods on various packages they were offering, as per their websites.
Experts say the impact on the schemes' NAVs may vary in the coming days, depending upon how fund houses treat the developments on VIL and whether there are any further rating downgrades or credit events.
'Sell in May, go away' is a popular market adage. But 'Don't sell any new shares in May' is the best kept secret of Dalal Street that's set to break. Sample this: the last four General Election election cycles starting 2004 have not seen a single initial public offering (IPO) launch during the month of May.
The company says the reminder does not include a deadline for payment.
In a bid to break the stalemate on the Vodafone tax issue, the Cabinet on Tuesday approved a proposal for non-binding conciliation with the British telephone major, the outcome of which will have to be ultimately approved by Parliament.
Fair valuation of minority stake in joint venture at core of dispute; different worth of shares in two Essar entities a thorny issue.
Last week, Essar had decided to prepay $900 million of this debt to foreign lenders.
India's top three GSM mobile operators, Bharti, Vodafone and Idea Cellular have joined hands to set up an independent tower company, Indus Towers, that aims to share passive infrastructure with all telecom players to enable lower cost and a more competitive operative environment.
The Finance Ministry is of the opinion that Vodafone might drag its tax dispute to court.
