Merchant bankers appointed to explore options on merger or stake sale in Tata Teleservices.
The total valuation of Tata Teleservices, according to the valuer, was only Rs 11,000 crore (Rs 110 billion), against the pre-agreed valuation of Rs 27,000 crore (Rs 270 billion).
In a bid to give a fillip to the rapidly expanding telecom business, Tata Group chief Ratan Tata on Tuesday took charge as chairman of the privately held company, Tata Teleservices.
New customer additions by Reliance Jio and Bharti Airtel pushed the Indian telecom subscriber base past 120.5 crore in June, according to a Trai report released on Tuesday. The wireless subscriber base grew marginally to over 117 crore and wireline connections in the country increased to 3.51 crore in June from 116.89 crore and 3.47 crore, respectively, in May, as per data released in Trai's subscriber report for June.
TTSL is now behind only Bharti Airtel, Reliance Communications and Vodafone, the company said in a statement.
In January this year, Tata Sons invested an additional Rs 2,500 crore (Rs 25 billion) in Tata Teleservices which was used to repay loans of the wireless telephony company.
Equity benchmark indices Sensex and Nifty settled higher on Thursday, powered by a rally in banking and power stocks amid a largely firm trend in global markets. The stock markets mostly traded range-bound in the absence of any major trigger and persistent foreign capital outflows, traders said. The 30-share BSE Sensex rose 144.31 points, or 0.18 per cent, to settle at 81,611.41.
The deal between Bharti group and Tata Teleservices is yet another example of how swiftly things can change in business.
Accumulated sum Rs 31,500 crore in 2015-16
There was virtually no incremental equity investment by Tata Sons during Mistry's first two years
In a major telecom deal, Tata Group sold 9.9 per cent equity in its privately held company Tata Teleservices to Singapore telecom giant Temasek Holding, presumably for about Rs 1,500 crore (Rs 15 billion).
After pioneering per-second billing for mobile telephone calls, Tata Teleservices, which offers both GSM and CDMA services, has again unleashed an interesting initiative. It says its subscribers would be compensated if the company failed to meet pre-determined levels of service standards.The new 'Customer Service Charter' for its Tata Indicom users would include five customer commitments such as bill disputes, call drop and handset replacement, among others.
Dubbing the debate triggered by Rajya Sabha MP Rajeev Chandrasekhar with Ratan Tata on 2G spectrum as 'futile', a Tata Group firm on Friday said his attack on a former telecom regulator was a 'cheap gimmick'.
Khusrokhan has been with Tata Chemicals as its executive director. Prior to which, he was managing director at Tata Tea from 2001-04.
After a long wait, Tata Teleservices on Thursday launched the premium Blackberry mobile services that offers customers e-mail, SMS messaging and Internet-based applications.
The handset will be available at all authorised Tata Indicom retail stores across the country and will have a combination of pre-paid and post-paid plans, Tata Indicom said on Thursday.
In these two cities, TTSL has 5 MHz of spectrum but will surrender only 1.25 MHzy. Company executives say 3.75 MHz in these two high data usage markets will be adequate to ensure services like Tata Photon Max, the bulk of whose revenues come from these two cities, are not impacted.
The company is in a financial storm, as its biggest investment, on the 4,000 Mw Mundra Ultra Mega Power Project (UMPP) didn't go according to the script.
After endorsing Lotto, Malabar Gold and HPCL, tennis star Sania Mirza has been roped in by Tata Indicom with the launch of a limited edition of 'Signature Series' of handset called 'Sania Fone'.
In line with its target to ramp up its subscriber base to 8 to 10 million in the next fiscal and provide better customer care service, Tata Teleservices has inducted three key management personnel from the Tata Group and one from Telstra, Australia,
Siva Group had mandated JM Financial to hunt for a buyer, but investors shied away from the Indian telecom industry.
As per the terms of the partnership, Quippo telecom would hold 49 per cent in the new entity, while Tata Teleservices's Wireless-TT Info-Services Ltd would hold the remaining. Despite a low stake, Quippo would control the management. Quippo Telecom Infrastructure, which is a Srei Group company, would have to pay Rs 2,400 crore (Rs 24 billion) cash upfront for 30 per cent stake in WTTIL.
After a complete wipe-out of net worth, the company is looking for strategies to stay afloat. Either a competitor could take it over or it could merge with others.
Docomo has now moved the London Court of Arbitration.
The GSM service arm of Tata Teleservices Limited has invested close to Rs 50 crore (Rs 500 million) for the campaign featuring Bollywood actor Ranbir Kapoor.
"The government has imposed a lot of regulations, and is not permitting major technological upgrade," Tata said.
In the midst of the battle between the Tatas and Birlas over stake-holding in their telecom joint venture Idea
It is the first private telecom firm to launch 3G mobile services in the country.
DoT decides not to scrap dual-technology telecom licences
Tata Teleservices on Wednesday joined state-owned BSNL for sharing infrastructure across the nation, in a first such partnership that would help the private firm expand its GSM network expeditiously.
Tatas may look at selling part of its stake in couple of investments
Tata Sons, the holding firm of the Tata group, and a few group companies have pledged part of their stakes in Tata Steel, Tata Power and Tata Teleservices (Maharashtra) to raise money for acquisitions and capital expenditure, according to disclosures made on Monday.On January 21, the Securities and Exchange Board of India made disclosure of pledged shares mandatory after it came to light that former Satyam Chairman B Ramalinga Raju had pledged almost his entire holding.
The annual report also mentions Tata Sons is obligated to buy the stake at the higher end of fair value or 50 per cent of the subscription purchase price.
Tata Teleservices Ltd on Wednesday launched a new product 'Don't Stop Mobile' across 20 circles allowing prepaid customers to make free outgoing calls for a period of two years to any Tata Indicom mobile or Tata Indicom fixed phone within the state.
The anti-corruption branch of the Central Bureau Investigation has given a clean chit to Tata Group chairman Ratan Tata in the 2G spectrum scam.
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