A new board has been constituted for the merged entity 'Vodafone Idea Ltd' with 12 directors (including six independent directors) and Kumar Mangalam Birla as its Chairman. The board has appointed Balesh Sharma as the CEO, the companies said in a joint statement. The combination will have an all-India revenue market share of 32.2 per cent and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue.
Experts say Tier-II and Tier-III cities and smaller towns have a role to play in growth in smartphone sales. Mritunjay Kapur, managing director, Protiviti Consulting, said, "There is definitely a market in Tier-II, Tier-III and Tier-IV towns. Smartphones are fast becoming important as a business communication tool. This is especially true for sales people, and 'fleet-on-the-street'," he said.
Triggering a tariff war, Idea Cellular on Thursday slashed data charges by 90 per cent in eight circles, following Bharti Airtel and Vodafone, who recently cut their rates by similar margins in select circles.
Idea Cellular has gone off the beaten track in its 3G growth strategy.
Telecom operator Idea Cellular said it is on track with its plans to raise Rs 2,500 crore (Rs 25 billion) through its initial public issue and plans to clear all formalities by the month-end.
India's third largest telecom operator Idea Cellular joined the data tariff war by slashing 2G mobile internet rates by 90 per cent and 3G tariffs by 30 per cent for six months from November 15.
Amid an existential crisis facing the firm over Rs 50,000 crore unpaid dues towards the government, billionaire Kumar Mangalam Birla on Wednesday stepped down as the chairman of Vodafone Idea Ltd. Birla -- who had in June offered to give away his holding in the joint venture with Britain's Vodafone to the government -- will cease to be a director and non-executive chairman of the company at the end of business hours on Wednesday, VIL said in a filing to the stock exchanges. It did not give any reason for Birla's decision. He will be replaced by Himanshu Kapania (who was earlier managing director and CEO of Birla's Idea Cellular) as the new chairman of Vodafone Idea Ltd.
Bharti Airtel Chairman and Managing Director Sunil Bharti Mittal, Vodafone Plc CEO Vittorio Colao, Telenor CEO Jon Fredrik Baksaas and Idea Cellular Chairman Kumar Mangalam Birla on Wednesday met ministers and senior government officials to present the industry's concerns over telecom regulator Trai's proposals on the auction of spectrum.
Telecom major Bharti Group Chairman and Managing Director Sunil Bharti Mittal denied any attempt on forming a cartel with other telecom players to distort competition. Bharti Airtel had received a 'notice of enquiry' by anti- monopoly watchdog MRTPC. Vodafone Essar and Idea Cellular too had received such notices. It was alleged that 3 GSM operators, by colluding, have simultaneously increased the price. Mittal said that MVNOs will not work in India due to existing tariffs.
Experts say going ahead data price will fall further due to competition
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
HDFC Bank on Tuesday ruled out merger with its parent HDFC or acquiring smaller banks in the near future, but said it has embarked on an aggressive organic growth path in India and abroad.\n\n
A Vodafone Group insider with more than 25 years in the telco across geographies, he's like the eyes and ears of the multinational in India.
According to BSE, Bharti Airtel's revenue (on a standalone basis, excluding that from foreign operations and their subsidiaries) stood at Rs 49,919 crore (Rs 499.19 billion).
Analysts expect structural risks such as risk to voice revenues, steep correction in data realisations, capex spend and rise in churn and subsequent increase in costs to continue in the medium term
Department of Telecom had sought the legal opinion of the matter from the government's counsel.
The incumbents Bharti Airtel and Vodafone Idea recorded adjusted gross revenue of Rs 10,701.5 crore and Rs 9,808.92 crore, respectively, during the quarter.
DoT decides not to scrap dual-technology telecom licences
Need for much more investment; sector would like govt help
Given the escalating cost of doing business, the revenue opportunity is decreasing and consolidation is an inevitable part of the industry.
Banks have Rs 10 trillion in stressed assets - Rs 7.8 trillion of bad loans and Rs 2.2 trillion of restructured ones.
Another important early decision of Birla was to get into the wireless telephony business in association with AT&T and another revered Indian business house, the Tatas.
Telecom Regulatory Authority of India has recommended up 62 per cent reduction in base price of premium 2G spectrum and up to 37 per cent in case of radiowaves freed from the cancellation of 122 licences, compared to the amount fixed for previous auction.
The uniform SUC, if implemented as per recommendations made by Telecom Regulatory Authority of India, will provide relief for mobile operators such as Airtel, Vodafone and Idea, but will increase rates for broadband wireless access spectrum holders like RJIL.
Investors brace up ahead of the key macrodata- IIP and CPI numbers due to be unveiled tomorrow.
Eight telecom companies, including Bharti Airtel, Vodafone and Idea Cellular, the biggest three in the country, bid a combined Rs 61,162 crore (Rs 611.62 billion) in the spectrum auction held earlier this month.
Govt likely to make security clearance mandatory for telcos irrespective of equity holding before giving licences; DoT members to meet today.
After 22 years at MullenLowe Lintas and a total of 30 years in the ad world, R Balakrishnan bids adieu; will continue working on film projects.
At the moment, data and broadband is small for BSNL: it contributes 10 per cent of the company's revenue, though its share is on the rise.
After initial success, data use is stagnating and getting consumers to spend additional money for high-speed internet is proving to be difficult for telcos.
Most of the steep rate cuts announced might also not translate into bill savings for subscribers
According to rating agency Fitch, India can in the long run support five-six profitable telecom operators.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
Prime Minister Narendra Modi's call to make this decade a "techade" for India and the push for 5G, semiconductors and transformation through digital services is going to boost the technology sector in the country, industry players said on Monday. Modi, in his speech on the 76th Independence Day, touched upon all-round development of technology in the country, from 5G to push for electronic chips, laying of optical fibre cable (OFC) network across villages and enablement of digital entrepreneurship in villages through Common Services Centres, making the present decade as "techade" for India. Homegrown mobile devices maker Lava International's Chairman and Managing Director Hari Om Rai said electronics and technology sectors create about $4 trillion of revenue.
Financial shares were the top losers.
Investors indulged in profit booking at attractive and higher valuations
Companies have activated a comprehensive pandemic response plan with requisite risk mitigation protocols for keeping networks working as telecom is an essential service.
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Reliance, Birla Group, Airtel eye small finance banks.
It is learnt that the defence ministry is refusing to let go of its 100 MHz spectrum, which was allotted earlier. In that case, the department of telecommunications (DoT) will be left with only 175 MW of 5G spectrum of the total 300 MHz.
