A consortium comprising India's telecom PSUs BSNL and MTNL, among others, on Monday said it has started negotiations for acquiring control of Kuwait's biggest phone company Zain Telecom that has presence in 24 countries.
Bharti chairman Sunil Mittal MTN group president and CEO Phuthuma Nhlek had met Finance Minister Pranab Mukherjee on Monday. The two telecom majors extended the deadline for exclusive talks for their proposed $23-billion deal to the end of next month recently.
Mumbai Indians coach Robin Singh says the team's key players have recovered from injuries and are raring to go.
Finance Minister Pranab Mukherjee on Thursday described the failure of talks between India's telecom giant Bharti Airtel and South Africa's MTN on the $23 billion merger deal as "part of the game".
But what is dual listing all about? Why is India hesitant to adopt it? And what should be done? How does this issue stand between the Bharti and MTN deal? Let's find out.
The two also met corporate affairs minister Salman Khurshid, who asked them to keep his ministry in the loop.
Telecom giant Bharti Airtel and South Africa's MTN on Monday said that no decision has been taken by their respective boards to acquire shares or implement the proposed merger between them as the period for exclusive talks has been extended till August 31.
He likes to try and try again, as the renewed merger talks with MTN have demonstrated.
Corporate India's merger and acquisition deal activity in February stood at $2.3 billion taking the total M
Investment bankers who could have earned up to 48 million dollars in fees, if the proposed deal between Indian telecom major Bharti Airtel and South Africa's MTN had materialised.
Bharti Airtel and MTN of South Africa are likely to extend the exclusive talks period beyond September 30 in the absence of clarity on the proposed $23 billion deal between the two companies.
The deal, which will be the largest in the global telecom space, will be subject to South African government approval.
Reliance joins a number of large companies, including the Essar and Adani groups, which are raising loans abroad as interest rates in India remain high.
Liability goes up by Rs 1,000 cr for every Rs 1 change in $ exchange rate
Huawei came under a cloud after allegations that the firm's electronic and telecom devices helped China spy on US corporations and agencies.
Making strong inroads in the global acquisition arena, Indian companies have won many big ticket deals and acquisitions.
Indian companies may be embarking on ever more audacious international megadeals, inspired by aggressive empire-building ambitions rather than by the solid commercial logic and a careful appraisal of investment returns that have characterised past Indian acquisitions abroad.
People who know Mr Ambani, estimated by Forbes as the world's sixth richest man with a net worth of about $42bn, say the deal is typical of his aggressive style.
Anil Ambani group company Reliance Communications on Monday announced entering into an exclusive negotiations with South Africa's telecom giant MTN to discuss potential combination of their businesses.
Indian telecom companies are scouting for acquisitions worldwide as part of an ambitious attempt to establish a global footprint. Moreover, the growth momentum needs to be maintained amid the falling average revenue per user (ARPUs) and expected saturation in the domestic subscriber base.
A potential merger being discussed by Indian telecom major Bharti Airtel and South Africa's MTN could increase the net debt of the two firms by about $6.9 billion, global rating agency Fitch said.
Sunil Mittal's plan to merge his Bharti Airtel - India's biggest mobile-phone operator -with South Africa's MTN, coupled with the company's 3G foray, is likely to put pressure on its balance sheet, as the estimated cash requirement would be Rs 40,475 crore (Rs 404.75 billion) in this fiscal.
With Doordarshan opting out of the simultaneous coverage of the India-South Africa three-test match series, sports channel Neo Sports the exclusive telecast rights holder for the series hopes to rake in Rs 70 crore in advertising revenue. Neo Sports has eight on-air sponsors (two co-sponsors and six associate sponsors). Coca-Cola, Airtel, Hero Honda, Pidilite and Asian Paints are putting about Rs 26-28 crore, while the remaining amount will come from spot selling.
Billionaire Sunil Mittal, arguably India 's most successful telecom entrepreneur, may be on the verge of starting another revolution in the country's corporate world. Mr Mittal, who has built his mobile operator Bharti Airtel from a bit player into a $40bn company in less than a decade, is now pondering a deal that could leave him holding a much smaller share in the group but turn it into a global player.
Bharti Airtel is all set to face competition in its proposed bid for South African telecom major MTN Group. United Arab Emirates-based telecom company Etisalat today said that it might bid for the South African company, too. Etisalat is evaluating a possible bid for MTN as it seeks to boost revenues from the continent to at least a quarter of its total revenues in four years, Reuters reported quoting the company Chairman Mohammed Omran.
Bharti Airtel Chairman Sunil Mittal's bid for telecom major MTN Group has to contend with some tough negotiations with Lebanon's former prime minister Najib Mikati, one of the wealthiest men in his country, as well as stiff black economic empowerment policies in South Africa that provide for a major share in the management of companies located in the country to blacks.
Contrary to reports that world's largest mobile phone company Vodafone is planning to bid for South Africa's MTN, the UK-based firm has said it is not in the race to acquire the African mobile major. "Vodafone has ruled itself out of the running to acquire South African mobile phone group MTN, paving the way for Bharti Airtel of India to take a majority stake in the company."
India Inc pledges $75 bn on Digital India launch
'There are more young people in Assam who are unemployed than possibly anywhere else.'
Tata Steel, others sell assets abroad after taking massive impairments.
Need for much more investment; sector would like govt help
Board of Control for Cricket in India's Chief Executive Officer Rahul Johri says the revenue generation from the upcoming Indian Premier League's media rights auction could be "historic".
Airtel acquired African telecom operator Zain in 2010 for $10.7 billion.
Investors brace up ahead of the key macrodata- IIP and CPI numbers due to be unveiled tomorrow.
Country accounts for 38% of telco's global user base, 10% of total revenue
The 30-share Sensex provisionally ended up 112 points at 28,555 and the 50-share Nifty closed 24 points higher at 8,561 after hitting a record high of 8,626.95.
The Sensex ended up 48 points at 28,386 and the Nifty gained 13 points to close at 8,476.
Every service provider, say analysts, now needs to make a much larger investment, and therefore needs a much larger share of the market to be profitable.
Foreign portfolio investors were net buyers in equities to the tune of Rs 119 crore, as per provisional stock exchange data.
The US FOMC concludes its two-day meeting today while the Bank of Japan will start its two-day meeting today.
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