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.
Reliance announced a rights issue of Rs 53,125 crore, which it said was the biggest in India.
Saudi Aramco chairman and head of the Kingdom's cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as an independent director in a precursor to a $15 billion deal. Reliance chairman and Asia's richest man Mukesh Ambani, who had two years back disclosed the talks to sell a 20 per cent stake in the company's oil-to-chemical unit to Saudi Aramco, announced the appointment of Al-Rumayyan at the company's annual meeting of shareholders. Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said. On the sale of a 20 per cent stake in the O2C business, he said the deal is likely to conclude this year.
Did you know Ram Kapoor is an Ed Sheeran fan?
Battleground shifts to rural and small towns, where user base aspires to upgrade to smartphones.
RJio's aggressive plans will lead to significant impact on listed companies in this space
Apart from digital advertising revenue, both companies want to reach out to the 'next billion' Indian customers. After all, around half of the 1.3 billion population is still not on the net and this represents a challenge as well as an opportunity.
Ambani said Reliance ended last year with a net debt of Rs 154,478 crore.
Profit from its retail business jumped 77 per cent to Rs 1,923 crore and that from telecom rose by 78.3 per cent to Rs 2,665 crore.
Reliance Jio Infocomm is the only company which had in 2010 won a pan-India spectrum for 4G services but is yet to start commercial services.
Reliance reported record pre-tax profit from its retail and telecom businesses. The two now account for nearly 32 per cent of EBITDA, up from close to 25 per cent previously.
Analysts believe making mobile data more affordable will fuel mass market adoption of data services
A single application and a plethora of services for passenger cars - that is what myTVS, a brand that operates under Ki Mobility Solutions and is part of the TVS family, is set to bring to customers, in a bid to disrupt the concept of "super apps" in India. Starting July 15, myTVS will launch its connected car platform or super app called myTVS Life360 for aftermarket passenger cars. Through it, customers will be able to avail themselves of a range of services like maintenance, diagnostics, roadside assistance, accessories, payments, insurance, and so on.
Telecom stocks fell after Mukesh Ambani extended Reliance Jio's free offers till March 2017.
RIL has been talking to groups including Gionee, Huawei and Xiaomi
An opportunity to enter a burgeoning sector at a low valuation and favourable policies are propelling some of India's largest corporate groups to scoop up drone start-ups. "Indian corporations lost the race in aerospace and space tech. "No one wants to miss the bus this time. "These are seasoned businessmen and they realise that the market cap of tech companies with problem-solving capabilities will exponentially rise in future," says Vipul Singh, CEO of Aarav Unmanned Systems (AUS).
Mukesh Ambani said the Digital India initiative has the potential to transform the lives of 1.2 billion Indians using the power of digital technology.
'While investors in Reliance have had to play a game of patience for long stretches, for Anil the challenge is to do what used to be his brother's forte -- generating cash by putting assets in the ground and making things,' says T N Ninan.
At market close, the oil-to-telecom conglomerate's market capitalisation (m-cap) zoomed to Rs 10,01,555.42 crore on BSE.
Revenue decline has left the operators with little money to service their mostly 3G and partly 4G infrastructure leading to poor data and voice quality.
According to insiders, the induction of Jai Anshul would coincide with the birthday of the late patriarch of Reliance group, Dhirubhai Ambani, in the last week of December.
Idea has slashed prices by up to 67% for 3G/4G internet packs for both post- and pre-paid users.
The framework for new licences will be ready by end of this financial year.
The young man, who is leading the Jio juggernaut looks delightfully dapper on the August 2017 GQ cover. Take the poll and tell us what you think of it.
Under another plan, it will offer unlimited voice calling along with 100 SMS per day, 5GB 3G/4G data and free subscription to Wynk Music and Wynk Movies for Rs 1,599
Every service provider, say analysts, now needs to make a much larger investment, and therefore needs a much larger share of the market to be profitable.
RIL plunged around 4% after scaling its life-time high of Rs 1,978.50 as investors rushed to book profits after the company's AGM. Bharti Airtel, ONGC, IndusInd Bank, Bajaj Finance and SBI were also among the laggards. On the other hand, shares of Infosys rallied around 6 per cent ahead of its quarterly earnings. HCL Tech, TCS, Tech Mahindra, Axis Bank and HUL too ended with robust gains.
US private equity firm Silver Lake Partners will invest an additional Rs 1,875 crore in the retail arm of Reliance Industries, the Indian firm said in a statement on Wednesday.
Reliance Industries shareholders will have to pay only 25 per cent for subscribing to the company's mega Rs 53,125-crore rights issue, and the balance will have to be paid in two instalments in May and November next year, the company said.
The network has been built by six telcos to handle high bandwidth demands of emerging technologies and applications.
The RIL-RCOM deal is an indication of telecom sector's future. As the mobile subscriber numbers plateau, telcos need to look at alternate stream of revenues, and data services will be the key to their growth.
Indian Oil Corporation (IOC) and two other public sector oil firms will install 22,000 electric vehicle (EV) charging stations over the next 3-5 years to support the nation's target to reduce its carbon intensity and reach net zero emissions by 2070. IOC, the country's largest state-controlled refiner by capacity, will set up EV charging facilities at 10,000 fuel outlets over the next three years, chairman Shrikant Madhav Vaidya said. Bharat Petroleum Corporation Ltd (BPCL) said it will set up 7,000 stations over the next five years while Hindustan Petroleum Corporation Ltd (HPCL) has plans for 5,000 stations.
A grouping of Indian and Indian-origin professionals working with tech giants like Google, Uber, Amazon and Facebook have written an open letter against the new religion-based citizenship law and the planned national register of citizens, terming them as "fascist". The letter by 'TechAgainstFascism' on online publishing platform Medium also urged the leaders to refuse to shut off the Internet at the "government's whim" and to ensure that content moderation is not skewing pro-government.
Facebook CEO Mark Zuckerberg has said steps taken by the social media giant have helped protect the integrity of more than 200 different elections around the world, including in India, and have also played an important role in stopping abuse ahead of US elections.
India's telecom sector has been through dizzying peaks, troughs, policy U-turns, court battles, brutal competition, and daily controversies. India could go back to a private sector duopoly with just Reliance Jio and Bharti Airtel surviving the mayhem. The third player, Vodafone Idea, could be history.
All directors, key officials, and shareholder speakers will be visible and audible and thousands of shareholders, including those from the US, UK, Canada UAE, Japan, HongKong, Singapore, Malaysia, and Australia, will be able to post their questions and eVote on resolutions.
Jio's disruptive strategy, including free voice services and data at throwaway rates, apart from offering all services free for six months, triggered a consolidation in the telecom sector.
Infrastructure for all-IP next-generation, wireless broadband infrastructure across all the 29 states in India is being laid, says Mukesh.
When on October 24, the Supreme Court, on a petition moved by the government, ordered payment of past dues according to its new definition of AGR, the country's second-biggest carrier Vodafone-Idea Ltd warned of shut down if no relief is given. The total dues for the industry ran into a whopping Rs 1.47 lakh crore. For an industry that has come from 7-8 operators to just three private players and state-owned fourth operator, the warning by Vodafone-Idea sounded like a death knell.
RCom had net debt of about Rs 40,222.6 crore at the end of June 30.
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