The Delhi high court on Thursday put on hold the insolvency resolution process (IRP) proceedings against Reliance Communications (RCom) chairman Anil Ambani in relation to the recovery of Rs 1,200 crore loans given by SBI to his two firms. Ambani had given personal guarantees for the Rs 565 crore and Rs 635 crore SBI loans to RCom and Reliance Infratel Ltd (RITL), respectively, in August 2016.
Indian telecom seems to be getting back on its feet.
WhatsApp's advantage is that it is the first app millions of Indian check first thing in the morning and innumerable times during the day and night.
Cross previous high of $72 billion in 2007 as Indian promoters overcome the selling taboo. Abhineet Kumar reports from Mumbai.
RCom has also tied-up with select credit card providers for its latest offering.
The government has upgraded the security cover of billionaire industrialist Mukesh Ambani to the top category of 'Z+' after a review of perceived threat perception to him by central intelligence and security agencies, official sources said on Thursday.
The company is looking at demerger of land banks from RCom and then go for separate listing.
The Delhi high court on Monday sought the Centre and SBI's reply to former RCom chairman Anil Ambani's plea to include the Chinese banks, which have got a decree of $717 million against him from a court in United Kingdom, in the proceedings related to recovery of Rs 1200 crore loan granted to two of his companies. The high court also said that the moratorium on recoveries from sale of Ambani's assets, as provided under section 96 of the Insolvency and Bankruptcy Code (IBC), would remain in operation for now. This direction came on the application moved by the State Bank of India (SBI) seeking a declaration that the moratorium shall continue to be in effect.
Reliance earned $11.50 for every barrel of crude that it processed during the last three months of the calendar year - almost 60 per cent more than a year earlier.
Jio's Estonia arm and Finland-based University of Oulu have signed an agreement to collaborate for development of 6G technology as well as to foster entrepreneurship. The collaboration with the university is expected to extend Jio's 5G capabilities and will help explore use cases in the 6G era. Jio Platforms is the parent of telecom player Reliance Jio.
US e-commerce giant Amazon has written to Ajay Tyagi, chairman of market regulator Securities and Exchange Board of India (Sebi), to take action as is necessary to comply with the Supreme Court Judgment, related to the $3.4-billion merger deal between Future Group and Reliance. Amazon has requested Sebi to direct the Indian stock exchanges to withdraw the Observation Letters related to this deal with immediate effect. In January this year, Sebi had given a go-ahead onto Future Group's scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore ($3.4 billion) deal.
Bidding for the sixth round of spectrum auction for radiowaves worth Rs 3.92 lakh crore will start from March 1, according to a notice issued by the Department of Telecom on Wednesday. The long-awaited spectrum auction is being held after a gap of four years and over two years after the Telecom Regulatory Authority of India (Trai) calculated and recommended base price for the radiowaves. The DoT has fixed January 12 for the pre-bid conference and January 28 as the last date for seeking clarification to the notice.
'We will likely never know why Xi decided not to travel to New Delhi. One possible explanation could be his desire to avoid a meeting with US President Joe Biden.'
If Reliance Jio resets the rules of the game with low voice and data tariffs, most incumbents will find themselves back to square one.
Another major announcement that came was an MoU signed between GE and Hindustan Aeronautics Limited to jointly produce fighter jet engines for the Indian Air Force.
RCom and Tata Teleservices are the top net losers of subscribers under mobile number portability (MNP) services.
The company has made payment in compliance with Telecom Department's instructions for self assessment, Mittal said, adding that the Supreme Court had not mentioned specific amounts.
It is believed that apart from Bharti Airtel and Bharti Infratel, there are four players that have made a bid.
The minister said the companies have given representation which is being examined by the DoT before taking a final decision.
RCom shares fell 0.34 per cent to Rs 145.50 at the close on the BSE.
It offers a discount of up to 96 per cent on data and and up to 92 per cent on call charges.
The case relates to the company allegedly developing a software that helps users increase probability of a child of particular gender.
Programmes offers pared-down web services on mobile phones along with Facebook' s own social network and messaging services cost free
'As the world goes digital, we cannot afford to be left behind.'
Telecom Minister Ravi Shankar Prasad had told Parliament in November that Bharti Airtel, Vodafone Idea and other telecom companies owe the government as much as Rs 1.47 lakh crore in past statutory dues.
GenNext Innovation Hub is also pursuing a new global partnership program to collaborate with organizations in US, Europe and Asia.
Ambani said, in the telecom space, the focus will be on debt reduction, and the virtual merger did away with the need for major capex and will help towards this
The government is looking at a time frame within the first two weeks of July to kick off and complete the upcoming 5G auctions, according to discussions between officials and stakeholders. It is expected that the Telecom Regulatory Authority of India (TRAI) will give its recommendations on the base price by March, after which the necessary cabinet clearances will be given. The Department of Telecommunications (DoT) had earlier looked at undertaking the auction in the first quarter of 2022 but decided to push it back. Communications Minister Ashwini Vaishnaw had also said that the auctions are likely to take place in April-May.
India's largest mobile operator Reliance Jio Infocomm will land the multi-terabit India-Asia-Xpress (IAX) undersea cable system in Hulhumale, Maldives, according to a statement on Monday. The high capacity and high-speed IAX system will connect Hulhumale directly with world's major internet hubs in India and Singapore. Jio's IAX project will land in the Maldives in collaboration with Ocean Connect Maldives, the statement said. The IAX system originates in Mumbai in the west and connects directly to Singapore, with branches including additional landings in India, Malaysia, and Thailand.
The long-overdue consolidation makes indebted RCom an even more attractive partner for a soon-to-launch upstart led by older brother Mukesh.
Private equity investments into domestic companies fell sharply year-on-year by 42 per cent to $23.3 billion in 2022, which is the lowest since 2019, when it was $15.8 billion, according to an industry report. The numbers reflect the overall funding winter that the startup space in particular, and the overall foreign investments in general have been witnessing since the Ukraine war began last February. Private equity investment inflows into the country fell by a sharp 42 per cent in 2022 from last year to $23.3 billion -- the lowest annual inflows since 2019 when it was a low $15.8 billion, but still relatively elevated compared to historical levels, said Elaine Tan, a senior analyst at Refinitiv, the LSEG business arm that provides financial markets data and insights.
Jio is in a neck and neck battle with Airtel, which added a similar number of subscribers as Jio in the 15 months from February 2017 to April 2018
Spectrum auction on Thursday entered the 10th day of bidding and started off from Rs 61,091.83 crore (Rs 610.91 billion) in terms of value.
The CAG report, tabled in Parliament, states the interest on the short payment stood at Rs 1,052.13 crore for the period up to March 2016.
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
While the company insisted it had enough spectrum across circles, analysts said the company might soon need to acquire some spectrum to ensure uninterrupted service.
RCom and Aircel have permits for 3G services in 13 out of 22 service areas while Tata Teleservices has permit in 9 circles.
Investors' wealth eroded by a massive Rs 8,21,666.77 crore on Monday as the market saw a massive sell-off not seen in many months. The BSE benchmark Sensex plunged 1,170.12 points or 1.96 per cent to close at 58,465.89. This is the worst single-day drop for the gauge in over seven months. This was also the fourth straight session of decline for the Sensex.
Cellular Operators Association of India (COAI) and Association of Unified Telcom Service Providers of India (AUSPI) have opposed the proposal to compensate consumers.
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