Bharti Airtel on Tuesday welcomed the decision of the directors of Vodafone to abstain from its board meeting, in view of the UK-based telecom major's interest in acquiring rival Hutch-Essar.
As Vodafone started examining the books of Hutchison Essar, its existing partner Bharti Airtel on Tuesday said it has not been approached by anyone to buyout British telecom firm's stake in the company.
The Asia-Pacific Mobile Alliance plans to promote voice, video and data via members' GSM/GPRS and W-CDMA networks.
British telecom giant Vodafone on Friday said it is considering acquiring a controlling stake in India's fourth-largest mobile player Hutchison Essar.
Hong Kong-based Hutchison Telecom Limited is expected to submit details of loans to two Indian minority shareholders this week to the finance ministry, which is looking into alleged breach of foreign direct investment norms in Hutch-Essar.
The race for acquiring India's third largest mobile services provider Hutch, has hotted up with Reliance Communications backed by an US equity funder
According to reports, the deal, if successful, could fetch Hutchison as much as $14 billion and would be Asia's largest private equity deal.
Hutchison Telecom International Ltd will convene an extraordinary general meeting of the shareholders on March 9 to vote on sale of its controlling stake in Indian mobile operator Hutch-Essar to UK mobile phone giant Vodafone.
Arun Sarin is the chief executive officer of Vodafone Group Plc, the United Kingdom-based global mobile operator.
Financing would not be an issue for the group that had business interests in global finance, telecommunications, film, oil and the automotive sector.
Telecom Watchdog, a Delhi-based NGO, has alleged that IDFC misused funds from the India Development Fund to fund transactions in Hutch Essar Ltd.
A report in The Observer on Sunday said the bidding war for telecom firm Hutchison Essar will erupt again, with Britain's Vodafone preparing to table a fresh offer that would value the target at up to 19 billion dollars.
Hinduja group company Hinduja TMT Ltd said on Thursday it has completed the sale of its entire stake in Hutchison-Essar Ltd for over Rs 2,089 crore (Rs 20.89 billion).
The Essar group-owned BPL Mobile is believed to be seeking an extension to use the 'BPL' brand name that is owned by Bangalore-based industrialist TPG Nambiar
Cut-throat competition, high spectrum costs, and frequent flip-flops in government policies have made it difficult for Vodafone to make money in the country.
The circular says even a day's delay in servicing loans would be now taken as a 'default'. And once in default, for loans above Rs 2,000 crore, the banks will have to arrive at a resolution within 180 days, else lenders will have to file an application under the IBC within 15 days.
Hindujas have virtually decided to sell their 5.1 per cent stake in mobile company Hutch-Essar to Hong Kong-based Hutchison Telecommunications International Ltd for an estimated value up to $450 million (Rs 20.25 billion).
Just six months after pulling out of Hutchison Essar, the Hinduja group is set to throw its hat into the ring for the country's fourth largest telecom company.
Finance Minister P Chidambaram on Friday took stock of the power ministry's ambitious plans to set up five ultra mega power projects of 4,000 MW each envisaging an investment of Rs 75,000 crore
The government freed diesel pricing last October, providing a level playing field to private companies like Reliance and Essar Oil.
Anil Agarwal breaks into big three; Anil Ambani group out of top 10; Essar, Adani lose out to JSW, Shiv Nadar & Motherson Sumi
Naxal violence in Orissa has also put several investment proposals in jeopardy.
Officials say telco still keen on process.
The department of telecom is understood to have raised certain queries including details on the equity structure in Hutch Essar, while processing its application seeking a STD license.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
Ballooning debt forces more and more Indian promoters to sell out to global majors and PE players.
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
An alleged unauthorised communication equipment has been seized from the office of prominent NGO Greenpeace at a village in Singrauli district of Madhya Pradesh and two persons have been arrested for trying to disrupt the police probe, a senior police official said on Wednesday.
The bird was seen near the coast carried an electronic chip and an Arabic word written on its wing.
The Delhi high court on Tuesday refused to grant early hearing on the Central Bureau of Investigation's appeal challenging the acquittal of former Union telecom minister A Raja and others in the 2G spectrum allocation scam case.
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RPG Industries, Hindalco, SAIL, Jindal Steel, Monnet Ispat, GVK Power and Jaiprakash Associates among companies summoned for review.
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