The company has made payment in compliance with Telecom Department's instructions for self assessment, Mittal said, adding that the Supreme Court had not mentioned specific amounts.
The sale of Nature's Basket, Godrej's chain of food stores in west India, is the second exit by a big group in a year in the category
Bharti Enterprises Group CFO Sarvjit S Dhillon said there is more clarity on the regulatory front now, which is a good sign for the industry.
In August, RBI allowed 11 business houses to start a payments bank.
'We showcased about 20 use cases in 5G trials in Pune and Gandhinagar and some of them were interesting and innovative.' 'However, which ones will take off and which ones would not be relevant, we don't know yet.'
Kumar Mangalam Birla will be the non-executive chairman and Balesh Sharma the new CEO of the merged entity, which will remain listed.
Prime Minister Narendra Modi on Tuesday hosted British royal couple Prince William and Kate Middleton for lunch to the accompaniment of classical music.
Deciding to focus on the cash-and-carry segment in India, retail giant Wal-Mart plans to open 50 wholesale stores in the next four to five years to expand its footprint in the country.
Six consecutive profitable quarters after an equal number of losses - for Bharti Airtel, the turnaround has been quick. But it is not a result of higher tariffs or absence of exceptional items alone. Execution and strategy are playing a part, too. Bharti Airtel's chief executive officer Gopal Vittal summed it up in a post-result conference call last month. "We track the profit in each of our 237,500 (cell) sites.
A new board has been constituted for the merged entity 'Vodafone Idea Ltd' with 12 directors (including six independent directors) and Kumar Mangalam Birla as its Chairman. The board has appointed Balesh Sharma as the CEO, the companies said in a joint statement. The combination will have an all-India revenue market share of 32.2 per cent and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue.
Vodafone Idea, which reported a loss of Rs 6,439 crore in the December quarter, said it had received letters from the department of telecommunications (DoT) directing immediate payment of dues amounting to Rs 54,000 crores after the SC judgment. "The company is currently assessing the amount that it will be able to pay to DoT towards the dues calculated based on AGR, as interpreted by the Supreme Court in its order dated October 24, 2019. The company proposes to pay the amount so assessed in the next few days," it stated.
AV Birla Group chairman, Kumar Mangalam Birla and the chief executive officer of Aditya Birla Retail, Sumant Sinha bare the details, in this open-ended conversation, about their plans for Aditya Birla Retail.
India's traditional companies are now moving full scale into the renewable and alternative energy space that had been dominated by smaller players over the past decade. Companies such as government-owned NTPC and the Adani and the Tata groups restructured their businesses well in time to become major players in the green space. At the same time, other conventional companies, such as Larsen & Toubro and Reliance Industries Ltd (RIL), which have a presence both in the energy sector as well as myriad other activities - construction, technology and retailing - are tying up with new-age companies to hitch a ride to a greener path.
Mukesh Ambani said the Digital India initiative has the potential to transform the lives of 1.2 billion Indians using the power of digital technology.
If Sachin Bansal sells his stake at a little over 5 per cent and steps down from Flipkart, as reports have suggested recently, either Binny Bansal or Kalyan Krishnamurthy, CEO of Flipkart, could be an option for the leadership position.
Further stimulus measures are expected in the upcoming Budget where the focus is likely to be on reforms, including some structural measures such as reducing red tape and boosting foreign direct investment. The meeting with industrialists is in the series of discussions that Modi has had during the last couple of weeks to seek suggestions to revive growth.
Vodafone plc has made it clear that it will not make any fresh equity infusion in its Indian telecom business--Vodafone Idea Ltd (VIL). Responding to a query, a spokesperson at the UK-headquartered telco said: "Just to confirm our position, there will be no new equity infusion from Vodafone Group." This is the first time that Vodafone has spoken about its stand after the government announced a telecom package.
The retailer has registered a new company called 'Wal-Mart India Private Ltd' in the country.
Other losers were Tata Motors, Bharti Airtel, HCL Tech and Bajaj Finance, shedding up to 3.51 per cent. The broader NSE Nifty too tumbled 73.50 points, or 0.63 per cent, to settle at 11,588.35.
As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.
"If we are not getting anything then I think it is end of story for Vodafone Idea," Kumar Mangalam Birla said at the HT Leadership Summit when asked about the future of Vodafone Idea in absence of a government relief on payment of Rs 53,038 crore dues.
Although Walmart-Flipkart wholesale game-plan is to target about a $150 billion market out of a total pie of $700 billion in the country, the consolidation marks the end of the multi-brand dream of the American retail giant.
"India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams."
Bharti Airtel chairman Sunil Mittal on Thursday said he had reached out to Vodafone's Nick Read after bold telecom reforms were announced by the government and will also speak to RIL's Mukesh Ambani, as the telecom czar vowed to take the lead in bringing the industry together to unleash India's telecom dream. Mittal exhorted the industry to collaborate in areas such as infrastructure sharing to reduce costs but vehemently ruled out possibility of any cartelisation among players. Amid reports of its potential tie-ups with handset makers to counter Jio's upcoming ultra low-cost smartphone, Mittal said Airtel is in a state of "readiness" on an affordable smartphone "should a need arise".
The Indian Grand Prix trophy was unveiled at Buddh International Circuit on Friday.
'The government is unwilling or unable to provide the kind of relief that Vodafone India is asking for.'
India has the third highest number of billionaires in the world after the US and China, according to a new list by the prestigious Forbes magazine, which said Reliance Industries chairman Mukesh Ambani reclaimed his spot as Asia's richest person, dethroning Chinese business tycoon Jack Ma who was the richest person in the region a year ago.
Reliance Industries chairman Mukesh Ambani continues to top India's richest list, according to the Hurun India Rich List 2014.
Following the October 24 Supreme Court order, the department of telecom estimated that the total liability of 15 telecom companies, including penalties and interest, would be Rs 1.47 lakh crore.
In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, the corporate leaders highlighted several issues, including certain income tax matters which were coming in the way of mergers and acquisitions or slowing them down and roles that need to be played by state businesses to prosper at the ground level.
Vodafone Idea and Airtel have made provisions for their liabilities arising from the Supreme Court order in their latest September quarter results.
On receiving the award at a glittering function, Mittal said: "This is a tremendous honour and I would like to thank the GSM Association for considering me worthy of this award."
Industry asked the government to be 'brave and bold' and said that it will rise to the occasion.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Five of the 10 best-paid independent directors belonged to the Tata group, followed by four from Reliance Industries and one from Wipro.
Bharti to spend Rs 1,600 cr for spectrum payout over 10 yrs; Telenor to service its own debt.
Getting an assurance from the Apple CEO on manufacturing in India will mean much to the NDA government.
Amid an existential crisis facing the firm over Rs 50,000 crore unpaid dues towards the government, billionaire Kumar Mangalam Birla on Wednesday stepped down as the chairman of Vodafone Idea Ltd. Birla -- who had in June offered to give away his holding in the joint venture with Britain's Vodafone to the government -- will cease to be a director and non-executive chairman of the company at the end of business hours on Wednesday, VIL said in a filing to the stock exchanges. It did not give any reason for Birla's decision. He will be replaced by Himanshu Kapania (who was earlier managing director and CEO of Birla's Idea Cellular) as the new chairman of Vodafone Idea Ltd.
Bharti will move FIPB soon for increasing Axa's stake to 49%
The brand integration not only marks the completion of the largest telecom merger in the world, but will also set the company on its future journey to offer strong digital experiences to 1 billion Indians on its 4G network.
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