Mahindra British Telecom is planning to recruit an additional 2,000 workers over the next 12 months on expectations of rapid growth in industry.
As top bosses of Vodafone and Essar arrived in Hong Kong to negotiate a deal for acquiring Hutchison Telecom's Indian business, its parent company has indicated it will not consider any offer below $14 billion.
The company has set up its new network platform in India entailing an investement of $30 million which would offer telecom and connectivitysolutions to over 150 customers in the country including banking, insurance and software firms, Cable & Wireless India managing director Sunanda Das said.
.jpg)
Faced with over Rs 11,200 crore (Rs 112 billion) tax liability, Vodafone India chief Analjit Singh on Thursday met Finance Minister P Chidambaram for the second time this week and expressed the hope that there will be clarity soon on the proposal to settle the dispute through conciliation.
Sunil Mittal's Bharti, in which British telecom firm Vodafone has 10 per cent stake, said on Thursday it is yet to hear a final word from the UK-based operator on its plans to buyout Hutchison Telecom's stake in Indian joint venture Hutch-Essar.
Top representatives of British telecom giant Vodafone are understood to have met senior officials of department of telecom in New Delhi, presumably to discuss issues related to its interest in acquiring Hutch Essar.
British telecom giant Vodafone's Indian-origin CEO Arun Sarin, who announced his surprise resignation on Tuesday, has fared worse than the global average when it comes to the tenure as chief of a company.
The government on Friday cleared British telecom firm Vodafone's application for buying a majority stake in India's fourth-largest mobile operator Hutch-Essar Ltd.
Cabinet will take a decision on a conciliation offer from Vodafone.
ADAG, Mahindra BT, L&T Infotech may team up with PEs.
The proposals, to be based on the recommendations of the Shome panel, are likely to be introduced in the Finance Bill to be presented by Finance Minister P Chidambaram in the Budget for 2012-13.
Sibal's predecessor Ashwani Kumar had rejected FinMin's plea for conciliation terming it illegal.
Government approval for British telecom giant Vodafone's takeover of Hutch-Essar now depends on whether the two minority stakeholders in the company can prove through documents that they are not acting as benami shareholders for Hutchison.
The types of jobs to be brought back home could require staff to work weekend shifts and up until 11pm at night. The communications workers union has said that it will be unfair for call centre operators to work for the hours, particularly for those with families.
In a report, JP Morgan said Vodafone needed to raise exposure to high-growth emerging markets and offset prospective fall in EBITDA in Europe.
Vodafone-Essar, the leading GSM operator is raising around $500 million (Rs 2,000 crore) through overseas borrowing. This is the first fund raising by the telecom major after British telecom major Vodafone acquired a majority stake.
Arun Sarin, a controversial albeit one of the most successful CEOs of British telecom giant Vodafone, will hang his boots on Tuesday to don a new gear for trekking in Himalayas.
British telecom giant Vodafone Group on Tuesday posted 14 per cent growth in operating earnings from India's business to 1.12 billion pounds (about Rs 9,749 crore) for 2011-12 helped by rising customer base and strong growth in voice-call minutes.
Mahindra British Telecom is considering setting up a telecom software development centre, its third in the country, in Kolkata, a top company official said on Monday.
SC dismisses review petition; govt waits for Finance Bill passage.
The British telecom major on Tuesday moved the dispute resolution panel, seeking relief from an order sent by the I-T department in December.
usiness with British Telecom will grow, but the proportion will come down
The transaction will be done through the stock market via block deals.
Official sources said the notice under section 201 and 220 (2) of the I-T Act, which talks about simple interest at one and a half per cent for every month the tax demand was raised, will also explain the retrospective amendment made by the government for taxing business deals that avoids tax in the country by showing them in a tax haven.
With Lok Sabha approving the Finance Bill that amends law to retrospectively tax cross-border transactions dating back to April 1, 1962, Vodafone faces a tax demand of Rs 11,000 crore (Rs 110 billion) plus interest and a penalty on its 2007 acquisition of Hutchison Whampoa Ltd's Indian operations.
In what may provide some relief to Vodafone in its tax case with the government, Finance Minister P Chidambaram on Monday said tax officers won't be rash on the company. He said a decision on sending tax notice to the British telecom major would be taken after getting Shome panel's report on retrospective amendment to the Income Tax Act with regard to indirect transfer of Indian assets.
The largest telecom solutions provider, Mahindra-British Telecom, is looking to acquire a BPO company and has lined up Rs 300 crore (Rs 3 billion) investment over the next two years to fund its expansion plans.
Buoyed by the initiatives taken by the government in the communication sector, UK telecom major, British Telecom, on Thursday said it would look at the option of starting services in India in IT and BPO sector.\n
A shareholder of Vodafone Group has urged the company to abandon its plans to acquire India's Hutch Essar, saying the British telecom giant could overpay for the deal, British daily The Times reported on Friday.
Meanwhile, on the contentious issue of roaming pact among leading service providers to offer 3G mobile services, the company seems to have hardened its stand by stating that they are ready to return the 3G spectrum to the Government and will take back the money if the roaming pact is not allowed.
Company is also facilitating this growth by playing an active role in reduction of prices of 3G-enabled smartphones.
The British telecom major has disputed the tax demand over its acquisition of 67 per cent stake in Hutchison, now called Vodafone India, arguing that no tax was due as the transaction was conducted offshore.
Five months before the put option window closes, JP Morgan has come out with a report stating that Essar's stake in Vodafone Essar is around $2 billion, which is far less than what the shareholder agreement between the two companies in 2007 envisaged.
The apex court also postponed the date of hearing to July 19, 2011, from the previously scheduled hearing on February 5.
British Telecom's sustainability index aims to rank Indian companies according to their corporate social responsibility initiatives, says Sreelatha Menon.
I-T department has fixed Rs 12,000-crore tax claim on the 2007 deal in which Vodafone bought Hutch's 67 per cent stake in Hutchison Essar for $11.2 billion.
British telecom major Vodafone's former chief executive Arun Sarin received 500,000 pounds (Rs 3.87 crore) to relocate to the US following his departure from the company.
Aiming at improving the quality of rural education, OneWorld South Asia, in collaboration with British Telecom and Cisco, has launched a pilot project in West Bengal last week for assisting rural teachers in addressing the needs of the children more effectively through information and communications technology tools. OneWorld South Asia is a non profit organisation that works for poverty alleviation and promoting sustainable development.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances