The ED said AB Exports Pvt Ltd is a "shell" or fake company owned by Prasad's son and Bihar deputy Chief Minister Tejashwi Yadav and Chanda Yadav (another daughter of the RJD chief) and its registered address is the bungalow located in the New Friends Colony area.
The GSM-based mobile subscriber base has gone up by 994,000 in April at 2.71 crore (27.1 million) customers with the Bharti Group cornering almost one-fourth of the market with 67.58 lakh (6.76 million) customers.
India's first auction of 5G spectrum, that powers ultra-high data speeds, is currently underway with a total of 72 GHz (gigahertz) of radiowaves worth at least Rs 4.3 lakh crore up for bidding. Billionaire Mukesh Ambani's Reliance Jio, Sunil Mittal-led Bharti Airtel, Vodafone Idea and a unit of billionaire Gautam Adani's flagship Adani Enterprises are in the race to bid for 5G spectrum, that offers speeds about 10 times faster than 4G, lag-free connectivity, and can enable billions of connected devices to share data in real-time. In addition to powering ultra-low latency connections, which allow downloading full-length high-quality video or movie to a mobile device in a matter of seconds (even in crowded areas), Fifth Generation or 5G would enable solutions such as e-health, connected vehicles, more-immersive augmented reality and metaverse experiences, life-saving use cases, and advanced mobile cloud gaming among others.
Reliance Jio has sent a second legal opinion to the Telecom Regulatory Authority of India (Trai) on the subject of the potential allocation of satellite spectrum. The letter is written by retired Supreme Court Justice L Nageshwara Rao and argues in favour of auctions, stating that any other method for allocating spectrum apart from auctions could be constitutionally unsound. Business Standard has reviewed the letter.
The Enforcement Directorate has issued a fresh summons to Bihar Deputy Chief Minister and Rashtriya Janata Dal leader Tejashwi Yadav in the railway land-for-jobs scam case, asking him to appear on January 5, official sources said on Saturday.
The Congress has so far announced 82 candidates for the seven-phase Lok Sabha polls beginning April 19.
Bharti Airtel chairman Sunil Mittal on Thursday said tariffs need to go up amid "tremendous stress" in the telecom sector, and Airtel will not hesitate to raise prices, but it will not do so unilaterally. The comments by the telecom czar came at a time when Airtel's rival Vodafone Idea has approached the government for a one-year moratorium on payment of spectrum instalment of over Rs 8,200 crore - due in April 2022. Cash-strapped VIL has told the telecom department that while it is working on raising new funding for the last six months, "investors are not willing to invest in the company because they believe that unless there is a significant improvement in consumer tariffs, the health of the industry will not recover and they will incur a loss on their investment".
The Enforcement Directorate has summoned Bihar deputy chief minister Tejashwi Yadav and his father and Rashtriya Janata Dal chief Lalu Prasad Yadav for questioning in the railways land-for-jobs money laundering case probe, official sources said on Wednesday.
West Bengal Chief Minister Mamata Banerjee on Thursday received wholehearted support from a group of women from the troubled Sandeshkhali area who met her after a Trinamool Congress rally in Kolkata, party sources said.
Reliance Industries Ltd was the biggest wealth creator during the five-year period from 2018 to 2023 while Adani Enterprises Ltd was the top all-round wealth creator, according to a study by Motilal Oswal Financial Services. The study, based on stock market performance of companies, said for the fifth time in succession, Reliance emerged as the largest wealth creator, adding Rs 9,63,800 crore wealth over 2018-23. It was followed by Tata Consultancy Services (Rs 6,77,400 crore wealth addition), ICICI Bank (Rs 4,15,500 crore), Infosys (Rs 3,61,800 crore) and Bharti Airtel (Rs 2,80,800 crore).
Telecom Consultant India Ltd has decided not to pick up 67.5 per cent stake in Rajasthan cellular operator Hexacom, thereby setting the stage for Bharti to acquire majority equity from Shyam Group.
Liability goes up by Rs 1,000 cr for every Rs 1 change in $ exchange rate
Indian Space Association (ISpA) chairman Jayant Patil has said that the executive council will debate whether it can include more telecom companies as founding members. The response came after some leading telcos said that they had been asked to be core members but preferred to be inducted as founding members. The key founders of the ISpA include the Bharti group through two companies (OneWeb and Airtel), L&T, Nelco, Walchandnagar, Alpha Designs and MapmyIndia.
Shares of HDFC Bank will witness massive inflows totalling $600 million from passive trackers this week, predict analysts. This influx is attributed to the rebalancing activities in the S&B BSE Sensex and the Financial Times Stock Exchange (FTSE) indices. The Sensex is set for its quarterly rebalancing act on September 15 (date of adjustment), resulting in inflows of $102 million (approximately Rs 850 crore).
Within a year of Gopal Vittal becoming the joint MD and CEO of Bharti Airtel's India operations, the company has elevated him as the MD and CEO for Bharti Airtel's operations in India and South Asia.
Among the Sensex firms, Tech Mahindra, Wipro, Infosys, Tata Consultancy Services, HCL Technologies, Larsen & Toubro, ITC, Sun Pharma, NTPC and Titan were the major gainers. Nestle, Axis Bank, Tata Motors, ICICI Bank, HDFC Bank and Bharti Airtel were the laggards.
India's schedule at the Asian Games in Hangzhou on Monday, October 2.
Indian firms, including Tata Steel, in the past have formed SPVs to acquire foreign companies to protect local operations and also to avoid legal hindrances. The SPV may be registered in a tax-haven country, like Mauritius or Bahamas, the sources said. The move to float an SPV will help Bharti Airtel to continue being listed on Indian stock exchanges, while MTN's promoters will be given a stake in the SPV.
Telecom operator Bharti Airtel will start rolling out 5G services later this month as it signed requisite agreements with Ericsson, Nokia and Samsung. At the recently held much-awaited spectrum auction for 5G services by the Department of Telecom, Airtel bid for and acquired 19867.8 MHZ spectrum in 900 MHz, 1800 MHz, 2100 MHz, 3300 MHz, and 26 GHz frequencies. "We are delighted to announce that Airtel will commence roll out of 5G services in August.
The Department of Telecommunications has called a meeting of the heads of all leading telecom companies offering GSM technology services on November 21 to resolve contentious issues that have arisen following recent changes in telecom policy.
A day after the attack on Aam Aadmi Party leader Somnath Bharti on Wednesday evening in Varanasi, Arvind Kejriwal lashed out at the Bharatiya Janata Party and its prime ministerial candidate Narendra Modi, asking if the Gujarat model was about 'threatening people' and demanded the Election Commission's immediate intervention.
Biggest contribution came from Bharti group-led Satya Electoral Trust.
Supporting West Bengal Chief Minister, Buddhadeb Bhattacharjee's stand, Mittal said, "Let us see for the next 7-10 years what Indian companies deliver and then we can take a call."
"We are developing the cash and carry model with an overseas partner," Future Group's CEO Kishore Biyani told PTI here, without giving details.
Indian CEOs are increasingly finding representation on some of the world's most influential policy bodies.
The stock market rout has caused the country's five richest, led by Reliance Industries Chairman Mukesh Ambani, to lose more than $10 billion in just about a fortnight.
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.
Coercion does not work. People will find ways to come around it. No one can legislate that industry cannot spend, or not be ostentatious, says Sunil Mittal.
The commerce and industry ministry has informed the Prime Minister's Office that the Bharti Group has conveyed to the government that its joint venture with Wal-Mart was in compliance with the existing FDI policy.
Bharti Group chairman Sunil Mittal on Tuesday said the unified licensing regime proposed by the Telecom Regulatory Authority of India could not be pursued in its present form, as it was in contradiction of the TDSAT judgement.
'There is something in our desh ki mitti that has held us together.'
'So many conquerors, colonisers, cultures came and went, but we withstood them and rose up again.'
Government to examine whether rules and regulations were adhered to in the Bharti-Wal-Mart retail deal, says Commerce Minister Kamal Nath.
On the other hand, the group's two traditional cash cows, TCS and Tata Motors' subsidiary Jaguar Land Rover, are slowing as other businesses pick up pace
The Indian industry stands staunchly opposed to job reservations in the private sector, Bharti Group promoter and Confederation of Indian Industry vice-president Sunil Mittal has said as he vowed to fight the move at every fora.
With his Mumbai sojourn,Wal-Mart Vice-Chairman Michael Duke gave enough signals that Wal-Mart is testing waters before it actually enters the organised retail in India.
The one-year extension would give Walmart and its Indian joint venture partner in the cash and carry business, Bharti Group, more time to sort things out and decide on a retail foray together, people in the know said.
Following is India's schedule at the Asian Games in Hangzhou on Saturday, September 30.
The reported buyback of Temasek's 20 per cent stake in Tata Play by Tata Sons will be the third instance of Tata Group providing an exit to a foreign partner in recent years. In 2018, Tata Sons paid $1.27 billion to DoCoMo to buy back 26 per cent of the group's telecommunication venture, Tata Teleservices. This was followed by Tata Sons acquiring AirAsia Berhad's 49 per cent stake in AirAsia India in two tranches to make it a wholly owned subsidiary.
