Telecom Consultant India Ltd has decided not to pick up 67.5 per cent stake in Rajasthan cellular operator Hexacom, thereby setting the stage for Bharti to acquire majority equity from Shyam Group.
TCIL has 30 days to decide whether it wants to block Bharti's second attempt to acquire stake in Hexacom by exercising its right of first refusal, and the board of the state-owned company would meet shortly to take a view on the issue.
State-owned Telcommunications Consultants India Ltd is planning to go for an initial public offering for offloading 25 per cent stake in domestic market, subject to government nod.
Bharti Hexacom, a joint venture between Bharti Airtel and TCIL, offers mobile services in Rajasthan. Bharti owns a 70 per cent stake, while the remaining 30 per cent is held by state-run Telecom Consultants of India.
The government believes the listing especially of Bharat Sanchar Nigam Limited would help improve the company's image and promote its growth. BSNL sources said there will not be any fresh equity, but only offloading by the government. The company will not get any proceeds from the IPO.
The collapse of Thomas Cook in the UK has no impact whatsoever in terms of ownership, business, people, technology or processes to us at Thomas Cook India: Madhavan Menon, chairman & managing director, TCIL.
This will trigger an open offer under SEBI norms and TCIL will seek to buy up to 26 per cent in Sterling for Rs 230 crore.
Three telecom giants, Mahanagar Telephone Nigam, Videsh Sanchar Nigam and Telecommunications Consultants India Ltd have formed a joint venture and got licence to offer basic telephony.
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.
Trust today means more than the belief that a brands' products will work as advertised; consumers want to believe that the company truly cares for its customers.
With services contributing around 57 per cent to the economic growth, finance ministry advisers have made a case for allowing FDI in the retail sector and selling government equity in PSUs, including telecom firms BSNL, MTNL and TCIL, to achieve high GDP expansion.
Given the ongoing economic turmoil, the DEA has raised concerns that the government may not be able to get the right value for its stake. TCIL has been seeking an exit route for over two years. It first wanted to get the company listed so that it could exit. However, the proposal was turned down by Bharti Airtel, which has 70 per cent stake.
Thomas Cook India, the country's leading travel and tourism company, has acquired 100 per cent stake in Travel Corporation India for a total consideration of Rs 182.45 crore (Rs 1.82 billion).
The trade between India and Saudi Arabia is growing rapidly with the bilateral trade crossing USD 9.87 billion last year.
In a bid to resurrect Air India privatisation, the government is planning to give flexibility to potential investors to decide on the humongous debt with the national carrier, a top official has said. The flexibility to potential investors on the quantum of the Rs 60,074 crore debt that they want to absorb will replace the current condition of the buyer taking over more than a third of the debt and transferring the rest to a special purpose vehicle, Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said.
'The target for next year is unlikely to be more than that of this year. The more you divest in any cycle, the less your potential pipeline for the next,' said an official. 'The first two issues we want to tackle and complete in FY20 are Air India and Hotel Ashok.'
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The Securities and Exchange Board of India, in a consent order dated June 28, has settled charges of takeover norms violation by the Tinplate Company of India Ltd after it paid Rs 228,000.
Asian Paints was the top gainer after the paints major posted robust first quarter earnings.
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