ATC, through Transcend, had entered into a definitive share purchase agreement with three companies of the Essar Group to acquire the entire issued share capital of Essar Telecom Infrastructure Private Ltd.
GTL Infrastructure (GIL), a subsidiary of telecom network major GTL, has acquired Essar Group's tower company Essar Telecom Infrastructure (ETIPL) for an estimated $1.5 billion (Rs 6,000 crore), according to sources.
Essar Global Fund, the Ruia company that invested $1.3 billion in telecommunications, towers and business process outsourcing over the years, made $6.5 billion, a five-fold return, when it flipped these businesses, according to discussions the group has had with merchant bankers.
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
The move by three major telecom service providers - Bharti Airtel, Vodafone Essar and Idea Cellular - to set up a consortium for passive infrastructure is gaining ground, but independent telecom infrastructure providers are yet to be convinced.
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
The total revenues and net profit of the top six Indian telecom players, Bharti Airtel, Reliance Communications, BSNL, Hutchison Essar, MTNL and Idea Cellular, more than doubled during the last two years.
The telecom tower-transmission business is going to see a shake-up with cash-rich and independent companies moving in with aggressive plans.
Experts argue that the cost savings both in terms of capex as well as operating costs can be substantial in the next one to two years.
The Department of Telecommunications has received 21 bids from telecom operators and infrastructure service providers for the Rs 2,395 crore (Rs 23.95 billion) rural telephony project.
The government plans to take India into the top 50 ranks in ease of doing business in the next two years with efforts such as shifting all applications for industrial licenses online.
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
Of the 23 Indian billionaires mentioned in the Bloomberg Billionaires Index, only one saw a reduction in net worth, with the companies owned by most of them outperforming the Nifty 50 index by a big margin.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
The financial year ending Saturday saw such big-ticket events that set the directional tone for the country's business journey.
ONGC was the top performer while private banking major ICICI Bank extended gains
Several high profile companies are burdened with losses, mounting debt and have a huge load of operational costs.
Year 2013 saw business leaders facing the ire of hostile investigative agencies.
Experts say investors should be careful, as even a 50-100 bps cut in rates will not help such companies if their business is not doing well. Check what is the problem and consider
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Revenue yield on every rupee of investment fell to Rs 1.06 in FY13 from Rs 1.20 in FY08.
APAs are part of govt's aim to move to a non-adversarial tax regime.
'There exists a 'brotherhood' of sorts for a very long time and corrupt dealers and corrupt OMC officials are in it together,' Ashwani Attrish, founder, Empowering Petroleum Dealers Foundation, tells Sudhir Bisht, a veteran of the petroleum industry.
The 30-share Sensex ended down 215 points at 27,011.
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Crony capitalism will of course generate investment and ensure profit for private capital, but it won't give employment or income to the people. If you can make money by selling coal or speculating in land, why produce electricity, why invest in research and development, why even set up factories, asks Praful Bidwai.
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