In effect, companies which put their money in telecom in India would have done much better to keep the cash in bank and earn interest.
According to a study, the change in frequency for transmitting mobile signals could cost the telcos over Rs 1 lakh crore (Rs 1 trillion) cumulatively.
The Essar Group is raising $3.59 billion (Rs 14,360 crore) against its 33 per cent stake in Vodafone-Essar. The loan will be the largest fund-raising through the share monetisation route by an Indian company.
This follows the expiry of its brand-use agreement with the BPL Group. The company, which faces an ownership battle between the Ruias of the Essar Group and the UK-based Vodafone, does not expect 'any issues' to arise from the change. "Loop is an extension of an ongoing campaign, Get in the Loop, and it will be easy for our subscribers to identify with this new brand name," said BPL Mobile Director and CEO Sanjeev Chachondia.
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Reliance, Birla Group, Airtel eye small finance banks.
Essar group is in talks with international bankers to raise about $5 billion (over Rs 20,000 crore) by leveraging its 33 per cent stake in Hutch-Essar, the country's fourth-largest mobile player in which UK's Vodafone recently acquired majority stake
Price of put option to be assessed for future sale.
Those in charge of the search for a suitable successor to Ratan Tata, who heads the group that bears his name, seem to be sweating for a solution.
It may be the season for corporate matchmaking but India Inc's record of managing partnerships is far from impressive, says Shailesh Dobhal.
Sensex climbs higher at close, bluechip stocks in focus.
Chanda Kochhar, managing director of ICICI Bank, says the new government must take effective action bringing clarity around tax laws.
Telenor Financial Services, IDFC Bank and Sun Pharma's Dilip Shanghvi have decided to withdraw their licence to set up a payments bank.
The government on Tuesday invited financial bids from all the nine applicants, including Bharti Airtel, Vodafone, Tata Teleservices and RCom, who had applied for participating in 3G spectrum auction.
Loop got licences to offer mobile services in 21 circles by the telecom ministry run by Raja, now in jail, in 2008. Essar has investment in Loop; it also holds 33 per cent equity in Vodafone Essar, a big player in the sector.
Special CBI Judge O P Saini adjourned Monday's proceedings in the wake of stay granted by the Supreme Court on separate pleas filed by Mittal and Ruia challenging the March 19 order of the trial court summoning them as accused in the case.
With the objective of making the country a manufacturing hub for domestic and foreign companies, Prime Minister Narendra Modi is launching the NDA government's "Make in India" campaign today.
The agency said the recall of the order granting Kumar an interim protection from the arrest was necessary.
Ballooning debt forces more and more Indian promoters to sell out to global majors and PE players.
Rahul Khullar's guiding credo was that a civil servant must never lose sight of his client: The little guy. The evil men are those who are decision-makers but abdicate their responsibility of taking decisions, leading people to lose confidence in public institutions.
The new partners have also agreed to change the Hutch brand in a period of eight months to a year.
This delay was a result of controversies over a 15 per cent holding by Hutchison-Essar Managing Director Asim Ghosh, healthcare major Max's Analjit Singh and financial institution IDFC.
Shareholders of Hutchison Telecom would on May 8, vote on a proposal to pay Essar group $415 million to ensure smooth transaction with UK's Vodafone for sale of majority equity in Hutch-Essar.
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SBI will hold 30 per cent in RIL joint venture
American technology giant Apple's chief executive Tim Cook on Wednesday met ICICI Bank's top brass at the country's largest private sector lender's corporate headquarters in Mumbai.
Outlets of telecom companies such as Airtel and Vodafone may soon double as bank kiosks for financial services like funds transfer or bill payment, especially in parts of the country where there are very few banks or none at all.
British telecom major Vodafone's former chief executive Arun Sarin received 500,000 pounds (Rs 3.87 crore) to relocate to the US following his departure from the company.
The latest deal would give Facebook deeper access to India, the second largest internet market after China.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Special CBI Judge O P Saini adjourned today's proceedings after advocate Siddharth Agarwal, appearing for Mittal, said the Supreme Court is scheduled to hear in March the separate pleas filed by Mittal and Ruia challenging the March 19, 2013 order of the trial court summoning them as accused in the case.
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.
After Vodafone, UK-based Vedanta Resources Plc and Aditya Birla group firm Indian Rayon also face a potential tax demand of around Rs 900 crore and Rs 45 crore, respectively, for their failure to deduct taxes on payments to buy Indian assets, said a senior government official.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The Anil Ambani group company is in advanced talks with France Telecom for a branding, marketing and franchisee agreement. The company plans to launch the brand by the second quarter of FY09, according to sources close to the development. Initially, the Orange may be launched on RCom's CDMA network -- spanning across 23,000 towns and 5 lakh villages in India -- and later extended to its 8 GSM circles. The Indian company has a total of 44.5 million subscribers in India.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The Department of Telecommunications has called a meeting of the heads of all leading telecom companies offering GSM technology services on November 21 to resolve contentious issues that have arisen following recent changes in telecom policy.
A match between Bursaspor and Besiktas attended by thousands of people had finished two hours before the blasts.
Telecommunication companies buying airwaves in an Indian auction next month will pay 5 per cent of their revenue as an annual fee.
Performance is considered a major reason why Ravi Shankar Prasad might have had to leave telecom.
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