SoftBank will hold majority stake in the joint venture.
Sunil Mittal promoted Bharti Televentures has signed an agreement to join the South East Asia-Middle East-Western Europe-4
Telecom operator Bharti Airtel on Friday said it has signed an agreement to buy Vodafone's 4.7 per cent stake in Indus Towers on the condition that the proceeds will be used for investment in Vodafone Idea and clearing its dues towards the mobile tower company. Debt-ridden Vodafone Idea (VIL) has been unable to pay dues to Indus Towers and both VIL and promoter Vodafone have proposed a payment plan to clear the outstanding amount by July 15. In the meantime, VIL has committed to pay certain minimum amount each month to Indus Towers.
The market regulator, in a notification on Tuesday, said MTN would only need to make an open offer when the GDRs issued by Bharti for the takeover are converted into equity shares with voting rights. For now, Sebi has given an exemption, saying the proposed deal structure does not require an open offer since MTN's shareholding in Bharti will only be through GDRs.
Facebook has launched an 'internet.Org' initiative
Bharti Wal-Mart Pvt Ltd, the joint venture between Bharti Enterprises and retail giant Wal-Mart, opened its first cash-and-carry (wholesale) store in India at Amritsar in Punjab on Sunday.
Billionaire Gautam Adani's Group on Wednesday announced the acquisition of SoftBank Group Corp's renewable power business in India for a deal value of $3.5 billion (approximately Rs 25,500 crore), to become the world's largest solar company. In a statement, Adani Green Energy Ltd, the renewable energy unit of the port-to-energy conglomerate, said it has inked share purchase agreements to buy 100 per cent of SB Energy India from SoftBank and Bharti Group. Without giving deal details, the statement said the transaction values SB Energy India at an enterprise valuation of approximately $3.5 billion, it stated. The transaction marks the largest acquisition in the renewable energy sector in India.
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
Huawei came under a cloud after allegations that the firm's electronic and telecom devices helped China spy on US corporations and agencies.
During the exclusive agreement, Bharti would assess the financial parameters and other related issues, including regulatory norms that are needed to be in place for the deal that could make Bharti among the top 10 operators globally.
India's leading mobile operator Bharti Airtel Ltd will invest Rs 200 crore (Rs 2 billion) in Jammu and Kashmir during 2006-07 as part of moves to double its subscriber base in the state.
This move gives Airtel and Chinese major immense benefits.
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
Bharti Airtel operates in 20 countries across Asia and Africa and is the world's fourth-biggest cellular carrier by customers
Sunil Mittal-promoted Bharti on Friday reported an over nine-fold jump in its net profit to Rs 296 crore (Rs 2,960 million) in the first quarter ended June 30 compared to Rs 31 crore (Rs 310 million) for the corresponding quarter last fiscal.
This could mean an end to the talks for a possible partnership between the two firms in the multi-brand retail space -- less than a year after 51 per cent foreign investment was allowed in the sector.
Measures to promote ease of doing business, cut in tax rates for smaller enterprises to 25 per cent, and reduction in interest rates are creating the right atmosphere for new businesses to flourish, particularly SMEs.
The company had been posting decline in net income for the last 14 consecutive quarters.
Bharti Group on Monday entered into an agreement with Shyam Group to acquire its entire 67.5 per cent stake in Hexacom, a cellular operator in Rajasthan, for a consideration of Rs 430 crore.
In its drive to expand telecom services both in mobile and fixed line segments, Sunil Mittal-led Bharti Airtel on Tuesday awarded a $900 million contract to Nokia Siemens to deploy equipments in various circles in which it operates.
Sunil Mittal-owned Bharti Group may soon become the first private telecom company to offer services in Jammu and Kashmir if their licence application gets government approval.
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.
Bajaj Auto's Rahul Bajaj, Sunil Mittal of Bharti and Oil and Natural Gas Corp's Subir Raha are among the 20 finalists announced by Ernst and Young for the E&Y Entreprenuer of the Year award.
Apex court said it will decide on it, irrespective of the opinion of government law officers.
Prime Minister Narendra Modi will launch the much-awaited 5G services in India on October 1, 2022, an official release said on Friday. According to the release, 5G to be launched by the Prime Minister in select cities, will progressively cover the entire country over the next couple of years. The cumulative economic impact of 5G on India is estimated to reach $450 billion by 2035. Capable of supporting ultra-high-speed internet services, the fifth generation or 5G is expected to unleash new economic opportunities and societal benefits, serving as a transformational force for Indian society.
The company faces $3-bn payout to Econet Wireless.
Sunil Mittal-promoted Bharti Airtel on Wednesday said it has reported a 20.85 per cent increase in net profit at Rs 2,239.30 crore (Rs 22.39 billion) for the fourth quarter ended March 31, 2009.
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.
Sunil Mittal also said that the company was in talks with some banks for acquisition of firms in new circles after unified licensing regime comes in place.
UK-based Vodafone Group has ruled out selling its around 5 per cent stake in the holding company of Bharti Airtel in the near future as there is no buyer.
Bharti Airtel on Thursday said its 5G services have gone live in eight cities of Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Siliguri, Nagpur and Varanasi. The customer availing 5G services will have to pay as per their existing 4G plan, it said. "Airtel has been at the forefront of India's telecom revolution for the last 27 years.
Airtel, Vodafone-Idea and other telecom operators may have to pay the government a whopping Rs 1.42 lakh crore following the Supreme Court order last week that sent shock waves through an industry already grappling with billions of dollars in debt and an intense tariff war to retain customers.
With strong GDP growth, expanding base of start-ups and growing trend of new technologies like cloud in the country, the 21st century is Indian century, IBM chief Virginia Rometty said.
Global retail giant Walmart has got fair trade regulator CCI's green signal for purchase of Bharti group's almost 50 per cent stake in their Indian joint venture for wholesale stores business.
Multi apps will be designed by taking core parts of the Hike product and remoulding them into creating new apps, each delivering one service -- Social and Messaging in one and Content in another, report Patanjali Pahwa and Karan Choudhury.
Airtel rolls out fourth-generation (4G) data service across 296 cities.
For 2016, India's rank in ease of doing business has improved.
Government think-tank body Niti Ayog CEO Amitabh Kant supported the industry demand and called for setting up of a single window clearance system for expeditious approval of projects. Start-ups and small medium enterprises requested the prime minister to provide support in low-cost capital at the virtual launch of space and satellite industry body Indian Space Association (ISpA).
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