Telecom giant Bharti Airtel on Wednesday called off discussions with MTN for the $23-billion merger deal saying the South African government has rejected the proposed structure.
Telecom player Bharti on Thursday said it would pass on the full benefits of the cut in Access Deficit Charge to its subscribers from February 1, when the new regime comes into effect.
In yet another major outsourcing deal, Sunil Mittal-owned Bharti Group on Tuesday entered into a over Rs 580 crore ($125 million) deal with telecom major Nokia to expand the network in eight circles.
Bharti Airtel said net sales rose 7.9 per cent
Bharti group on Tuesday announced a whopping $13 billion investment for the next five years of which at least 70 per cent would go into expansion of domestic telecom operations
The key team members are in place. Prateek Agrawal, the equity head is from ABN AMRO AMC, Sujay Das, the fixed income head came from DSP Merrill Lynch AMC and Nanda Kishore S, the marketing head is from Sundaram BNP Paribas AMC. Dasgupta himself is from Deutsche AMC. Bharti-AXA has a 35-member strong team, which would be expanded to 70 by June.
Bharti Airtel is understood to have entered into an agreement with IBM for managing its IT and network-related services.
Hero MotoCorp's promoter Pawan Munjal emerged as the highest paid director.
Sunil Mittal promoted Bharti Televentures has signed an agreement to join the South East Asia-Middle East-Western Europe-4
Sunil Mittal-promoted Bharti Group on Friday announced a net profit of Rs 619 crore (Rs 6.19 billion) during the 2003-04 fiscal as against a loss of Rs 134 crore (Rs 1.34 billion) in the previous fiscal.
The market regulator, in a notification on Tuesday, said MTN would only need to make an open offer when the GDRs issued by Bharti for the takeover are converted into equity shares with voting rights. For now, Sebi has given an exemption, saying the proposed deal structure does not require an open offer since MTN's shareholding in Bharti will only be through GDRs.
The auction of radio waves used for mobile services saw a muted opening on Tuesday, with five rounds attracting bids worth about Rs 11,000 crore from telecom companies. The government has put over 10,500 Mhz spectrum in eight frequency bands -- 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz, valued at Rs 96,238 crore at base price, for auction.
Prime Minister Narendra Modi will launch the much-awaited 5G services in India on October 1, 2022, an official release said on Friday. According to the release, 5G to be launched by the Prime Minister in select cities, will progressively cover the entire country over the next couple of years. The cumulative economic impact of 5G on India is estimated to reach $450 billion by 2035. Capable of supporting ultra-high-speed internet services, the fifth generation or 5G is expected to unleash new economic opportunities and societal benefits, serving as a transformational force for Indian society.
Battleground shifts to rural and small towns, where user base aspires to upgrade to smartphones.
During the exclusive agreement, Bharti would assess the financial parameters and other related issues, including regulatory norms that are needed to be in place for the deal that could make Bharti among the top 10 operators globally.
Ambani and Adani account for a fifth of the net worth of all billionaire promoters in the country and half the combined net worth of the top 10.
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Business leaders met Manmohan Singh to discuss the problems facing the country.
'These are capex and infrastructure-linked sectors, PSUs or stocks of some corporate houses.'
Sunil Mittal-promoted Bharti on Friday reported an over nine-fold jump in its net profit to Rs 296 crore (Rs 2,960 million) in the first quarter ended June 30 compared to Rs 31 crore (Rs 310 million) for the corresponding quarter last fiscal.
In its drive to expand telecom services both in mobile and fixed line segments, Sunil Mittal-led Bharti Airtel on Tuesday awarded a $900 million contract to Nokia Siemens to deploy equipments in various circles in which it operates.
Bharti Group on Monday entered into an agreement with Shyam Group to acquire its entire 67.5 per cent stake in Hexacom, a cellular operator in Rajasthan, for a consideration of Rs 430 crore.
Sunil Mittal-owned Bharti Group may soon become the first private telecom company to offer services in Jammu and Kashmir if their licence application gets government approval.
Bharti Airtel Chairman Sunil Mittal's bid for telecom major MTN Group has to contend with some tough negotiations with Lebanon's former prime minister Najib Mikati, one of the wealthiest men in his country, as well as stiff black economic empowerment policies in South Africa that provide for a major share in the management of companies located in the country to blacks.
Getting an assurance from the Apple CEO on manufacturing in India will mean much to the NDA government.
Bajaj Auto's Rahul Bajaj, Sunil Mittal of Bharti and Oil and Natural Gas Corp's Subir Raha are among the 20 finalists announced by Ernst and Young for the E&Y Entreprenuer of the Year award.
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.
Apex court said it will decide on it, irrespective of the opinion of government law officers.
SoftBank will hold majority stake in the joint venture.
US retail chain Walmart is awaiting a decision by its board decision on its India strategy, including its partnership with the Bharti group.
Indian firms, including Tata Steel, in the past have formed SPVs to acquire foreign companies to protect local operations and also to avoid legal hindrances. The SPV may be registered in a tax-haven country, like Mauritius or Bahamas, the sources said. The move to float an SPV will help Bharti Airtel to continue being listed on Indian stock exchanges, while MTN's promoters will be given a stake in the SPV.
Bharti Airtel operates in 20 countries across Asia and Africa and is the world's fourth-biggest cellular carrier by customers
Government think-tank body Niti Ayog CEO Amitabh Kant supported the industry demand and called for setting up of a single window clearance system for expeditious approval of projects. Start-ups and small medium enterprises requested the prime minister to provide support in low-cost capital at the virtual launch of space and satellite industry body Indian Space Association (ISpA).
Sunil Mittal also said that the company was in talks with some banks for acquisition of firms in new circles after unified licensing regime comes in place.
Sunil Mittal-promoted Bharti Airtel on Wednesday said it has reported a 20.85 per cent increase in net profit at Rs 2,239.30 crore (Rs 22.39 billion) for the fourth quarter ended March 31, 2009.
Bharti Airtel Chairman Sunil Bharti Mittal said India has lost one of the finest political leaders and a legal luminary.
After the transaction with Temasek, Singtel will hold 47.39 per cent in Bharti Telecom.
India is today the second-largest telecom market in the world with over a billion customers and close to 600 million Internet users. New connections are available on the tap, calls are virtually free and it's hard to imagine anyone without a mobile phone today. Globally, there would be few parallels to this success story that truly democratised telephony and empowered a billion-plus people, observes Airtel's Sunil Bharti Mittal.
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