Reliance Communications, which is eyeing to acquire the country's fourth-largest mobile firm Hutch Essar, said on Wednesday it plans to raise funds through issue of securities in the international market.
Singapore Telecom is believed to have sought the removal of Vodafone representatives from the board of Bharti Airtel, following the British telecom major's bid to acquire a majority stake in Hutchison Essar.
British telecom giant Vodafone's plans to acquire India's fourth-largest mobile operator Hutch-Essar has received mixed reactions from some of its key shareholders.
The National Commodity and Derivatives Exchange Ltd plans to rope in oil companies like Indian Oil Corporation and Reliance Industries Ltd to boost Brent crude futures trading on the bourse.
Hutchison Telecom on Sunday said talks were on with various suitors for sale of its holding in joint venture Hutch-Essar in India and that there was no time-frame for a decision.
In a report, JP Morgan said Vodafone needed to raise exposure to high-growth emerging markets and offset prospective fall in EBITDA in Europe.
Agency reports said Hutchison Whampoa had received bid interest in its Indian mobile business, but that the prices indicated so far were too low.
The admission comes as it seeks to ensure approval of the deal by Indian regulators under restrictive foreign investment laws.
Hutchison Telecom, the Hong Kong- based mobile major, on Tuesday said its first-half profits ended June have risen from the sale of its Indian assets to UK's Vodafone that included a one-time gain of Hong Kong dollars 69.3 billion.
The apex court had on December 4 last year, reserved the verdict after hearing counsel for corporate honchos and the Central Bureau of Investigation.
The Foreign Investment Promotion Board will take up on March 20, the proposal of UK mobile giant Vodafone to acquire 52 per cent direct stake in Hutchison-Essar from Hong Kong-based Hutchison Telecom based on an enterprise value of $18.8 billion.
Amid a government scrutiny into the alleged breach of FDI norms by Hutchison Telecom International, the Hong Kong-based firm on Monday asserted its Indian mobile venture Hutch Essar Ltd (HEL) did not violate any regulations.
Major steel producers, including SAIL and Tata Steel, on Monday agreed to cut prices of TMT bars, galvanised steel and HR coils after the government asked them to contain prices to keep inflation under check.
Non-availability of minimum facilities is the sacrifice the rural poor are being forced to make in pursuit of the Left's ideology.
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 Ruias of Essar have rejected an offer by the Aditya Birla group's Idea Cellular to acquire BPL Mobile's Mumbai circle, which lost heavily on its valuations due to the corporate battle between its shareholders.
UK telecom giant Vodafone has offloaded its 5.6 per cent direct stake in India's mobile leader Bharti Airtel to promoter Sunil Mittal's group for $1.6 billion, coinciding its acquisition of controlling stake in Hutch-Essar.
NRI businessmen Hindujas on Monday began studying the books of Indian telecom firm Hutch-Essar for which they are understood to have roped in leading Spanish Bank 'Banco Santander' for financing the multi-billion dollar deal.
Reliance Communications has sought government approval for sponsoring a secondary Global Depository Receipts offering of up to $1.2 billion, representing 6.53 per cent of the total paid-up equity shares of the company.
Ruias have rights to tag along with Hutch in any sale.
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.
Hutchison has made it clear to prospective bidders that it can sell its 67 per cent stake in Hutchison Essar without offering the first right of refusal to the Ruias who hold the remaining 33 per cent in the joint venture.
Reliance Communications is in discussions with American billionaire and financier George Soros to raise funds for the Hutch-Essar acquisition.
Bharti Airtel will start talks for "disengagement" from its partner Vodafone once the UK company decides on its future course of action in India.
The Tata Group and three other top business houses have joined hands with the Jharkhand government to ensure medical treatment to the state's below poverty line population.
Reliance Comm wants all of Hutch Essar at one go.
Several high profile companies are burdened with losses, mounting debt and have a huge load of operational costs.
GSM industry's subscribers base has added 6.19 million users in January 2008, taking their total mobile subscriber base to 178.4 million.
Amid reports of security concerns over Egypt's Orascom acquiring indirect stake in Hutch-Essar, Pakistan telecom regulator Shahzada Alam Malik wondered on Friday how a mobile operator working in his country could be a threat to India.
The Finance Ministry is of the opinion that Vodafone might drag its tax dispute to court.
One of the major advantages of buying Iran crude is the additional credit period of 90 days that the country gives to India, compared to 30 days by other countries.
Siemens has inked an agreement with Hutchison Essar for its music download technology Music2You. the latter will enable full-length songs to be previewed and downloaded on its handsets.
The total subscriber base crosses 115 million mark.
Hindujas had put in a bid of $20 billion -- higher than Vodafone's bid of $19.3 billion.
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