After outsourcing its network management and IT operations, Sunil Mittal-owned Bharti Group has given contract of its call centre operations for mobile services to four global majors in a deal, valued cumulatively at Rs 1,000 crore.
Bharti Televenture, a flagship of Sunil Mittal promoted Bharti Group, on Friday turned a one billion dollar company with its turnover touching Rs 5002 crore ($1.13 billion)
In a show-cause notice, the information and broadcasting ministry asked Bharti Telemedia to furnish explanation failing which the government could consider suspending the licence till such time the company obtains necessary approvals from FIPB and meet the eligibility conditions. A Bharti spokesperson said the company has complied to all licence conditions in its DTH venture and the same has been communicated to the government.
The Bharti Group, promoted by the Mittal family, had searched high and low for a foreign partner when it wanted to start its cash
The approved package for Mittal includes a total fixed pay (inclusive of salary, allowances and retirement benefits) of up to Rs 20 crore (Rs 200 million) per annum, variable pay (performance-linked incentives) of up to 200 per cent of the annual fixed pay in a financial year, and also perquisites worth up to 50 per cent of the fixed pay, taking the total package to an amount not exceeding Rs 70 crore (Rs 700 million).
Airtel has allocated 199,870,006 new equity shares at price of Rs 340 each share, representing 5 per cent equity stake in the company to QFE.
Sunil Mittal, chairman & group managing director of the Bharti group, is Business Standard's CEO of the Year for 2005-06.
While the market for satellite broadband currently is small, the potential is large as an estimated 30 per cent of the country does not have reliable terrestrial broadband services.
Both the accused placed on record the apex court's order and submitted separate personal bonds.
Telecom powerhouse Bharti Airtel's boss Sunil Mittal donated $1 million (Rs 4 crore) on Wednesday for education of underprivileged children in villages.
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.
A sharp dresser, with a prominent jawline, Kohli will now have to contend with aggressive competition from Vodafone-Essar, perhaps the toughest so far in his career.
The sale proceeds will be fully utilised to repay debt at Bharti Telecom and will make the promoter holding firm a 'debt free company'.
The company, according to industry sources, is hoping to get an FIPB approval before that. Market sources said the sales team has sounded out October 8 as the launch date. Government had earlier asked Bharti group to seek a separate FIPB approval within three months for its upcoming DTH services.
It's celebration time for Bharti Airtel, which last week became the third telecom brand in the world to cross the magic 100 million-subscriber mark in a single country. The gap between Airtel and its nearest competitor, Vodafone, is now about 26 million subscribers.
Internet giant Google will invest USD 1 billion in telecom major Bharti Airtel, which includes equity investment as well as a corpus for potential commercial agreements, to be identified and agreed on mutually agreeable terms over the course of the next five years.
Messaging is going to become the highway for the people coming on to the Internet, says Kavin Bharti Mittal.
Bharti Group on Monday offloaded 10 per cent of its stake in Bharti Telesoft to a group of investors led by Westbridge Capital for $13.5 million.
He likes to try and try again, as the renewed merger talks with MTN have demonstrated.
Sunil Mittal-owned Bharti Group has formed a consortium with Changi Airport of Singapore (a 50:50 joint venture) to bid for the development and management of Delhi and Mumbai airports.
In his first public appearance after talks were called off on September 30, Mittal, who is CMD of Bharti Airtel said, "No further talks with MTN and the current round is over."
Telecom giant Bharti Airtel on Monday proposed an annual pay package of up to Rs 70 crore (Rs 700 million) for its chief Sunil Mittal, besides other benefits, while seeking its shareholders' nod for his remuneration.
The judge summoned Birla as one of the accused in the case.
Tesco has admitted that its plan to be the first multinational supermarket retailer in India has unravelled.
Demanding a level playing field for the old operators, Bharti group chief Sunil Mittal told PTI: 'our view is that the spectrum given to us and other operators from time to time is under a policy and there is no question of any additional payment for this.'
Bharti Walmart, the joint venture between Bharti Enterprises and Walmart, the world's largest retailer, is also expected to open cash and carry stores in the South in the next 12-24 months.
Bharti Airtel will start talks for "disengagement" from its partner Vodafone once the UK company decides on its future course of action in India.
'These are capex and infrastructure-linked sectors, PSUs or stocks of some corporate houses.'
The two also met corporate affairs minister Salman Khurshid, who asked them to keep his ministry in the loop.
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."
Bharti Tele-Ventures Ltd, which runs GSM mobile services under the Airtel brand name, would invest around $1 billion this financial year for its capital expenditure plans.
Bharti Enterprises on Tuesday said it expected to start its life insurance venture with French major Axa by June end.
With investors seeking clarity from the market tribunal SAT on Bharti Airtel's proposed mega deal with MTN, the Sunil Mittal company today said it is still in discussion with the South African firm.
In an interview at the GSMA conference in Barcelona on Tuesday, Mittal broke his silence on the scam and the very public spat between Tata Teleservices and Reliance Communications: "My plea is that the industry shut their mouths; zip up and let the various investigative agencies do their job," he said.
Mittal said he discussed a plethora of issues with Commerce and Industry Minister Piyush Goyal and sought the government's support for faster clearances to streamline the group's investment plans.
Taking advantage of liberalised norms for external commercial borrowings to raise upto $500 million through the automatic route, Sunil Mittal-promoted Bharti Group is planning to tap the overseas market next fiscal.
Sunil Mittal-owned Bharti group on Friday announced it would buy 27.5 per cent stake of Telesystem International Wireless of Canada in Hexacom, a cellular telecom operator in Rajasthan.
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.
