Essar will have to pay capital gains tax, as the company will be gaining from the deal.
Global telecom major Vodafone's minority partner in India, Analjit Singh, may take over as the chairman of the group's Indian operations, after Essar group exits the venture.
Announces 50% cut in prepaid monthly recharge.
Vodafone on Wednesday said it will offload its entire 3.2 per cent shareholding in China Mobile, a divestment that will fetch the British telecom major about 4.3 billion pounds.
IBM, Nokia Oyj, Microsoft cases could now be resolved
Billionaire Mukesh Ambani's Reliance Jio is India's strongest telecom brand in India, ahead of Bharti Airtel and Vodafone Idea Ltd, according to brand intelligence and data insights company TRA. TRA, formerly Trust Research Advisory, in its 'India's Most Desired Brands 2022' ranked companies according to their brand strength. Reliance Jio topped the telecom category, followed by Bharti Airtel, Vodafone Idea Ltd and BSNL.
A shareholder of Vodafone Group has urged the company to abandon its plans to acquire India's Hutch Essar, saying the British telecom giant could overpay for the deal, British daily The Times reported on Friday.
The merger will result in substantial cost and capex synergies with an estimated net present value of around USD 10 billion after integration costs and spectrum liberalisation payments, with estimated savings of USD 2.1 billion annually from the fourth year of the merger.
His comments come little over a week after Vodafone sold its entire 3.2 per cent shareholding in China Mobile Ltd for about 4.3 billion pounds.
Bharti may look at gaining market share pre-merger and benefit from a lower capex intensity
Delaying GAAR is seen as a move partly designed to help solve Vodafone dispute.
The merged entity would lead with a revenue market share of about 37 per cent against Airtel's 31.2 per cent and Jio's 14.5 per cent
The government believes firms which are subject to China's laws could be forced to hand over information to Beijing's security services.
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
Prominent exits by promoters included a Rs 15,300 crore share sale in Indus Tower by Vodafone Plc, a Rs 9,300 crore share sale by the Tata group in Tata Consultancy Services.
Opening another line of inquiry into the Hutch-Essar shareholding structure, the Foreign Investment Promotion Board (FIPB) is looking into the call options that would together give Vodafone a further 15.03 per cent proportionate indirect equity owner
Finance Minister P Chidambaram has asked UK-based Vodafone Group, which is facing a tax liability of over Rs 11,200 crore in India, to give its view on the long-pending matter in writing, a senior official said.
Ruias-led Essar Group on Friday launched a scathing attack on Vodafone saying that the British company is trying to gain 100 per cent control of the telecom JV Vodafone-Essar at an "artificially depressed value".
Experts say the impact on the schemes' NAVs may vary in the coming days, depending upon how fund houses treat the developments on VIL and whether there are any further rating downgrades or credit events.
The two parties -- the Centre and Vodafone -- have sought a few more weeks to decide on the matter.
All the three companies, which dominate India's mobile services market with about 53 per cent share, have reduced the quantum of Internet download and/or validity periods on various packages they were offering, as per their websites.
Idea Cellular will have to furnish an undertaking that it will entertain all the liabilities whenever a final decision is taken by the courts
Reliance Jio added 34.7 lakh mobile subscribers in September, cementing its lead in the competitive telecom market, while Airtel's wireless subscriber tally rose by 13.2 lakh, according to monthly data put out by Trai. Vodafone Idea lost 7.5 lakh mobile subscribers during September, dragging its wireless user tally to 22.75 crore. Reliance Jio gained 34.75 lakh wireless subscribers in September, and its user base climbed to 44.92 crore, as per data by Telecom Regulatory Authority of India (Trai).
Fair valuation of minority stake in joint venture at core of dispute; different worth of shares in two Essar entities a thorny issue.
India's top three GSM mobile operators, Bharti, Vodafone and Idea Cellular have joined hands to set up an independent tower company, Indus Towers, that aims to share passive infrastructure with all telecom players to enable lower cost and a more competitive operative environment.
Lok Sabha passes Finance Bill; Will introduce a white paper on black money in current session: FM
Vodafone has rejected a restructuring call by an activist investor lobby that would have unlocked up to $75 billion to shareholders, saying such business strategies could have prevented it from recent acquisitions such as Hutch-Essar in India.
Call drop problem to improve in 12-16 weeks in Delhi: Vodafone
The move to sell the jewel in Vodafone's crown closes a heady expansionist chapter for one of Britain's most famous companies
Bharti Airtel on Thursday submitted its bid for 3G spectrum, auction for which starts from April 9.
In the case, which will begin on Tuesday and last for five days, Indian tax authorities will argue that Vodafone, the UK-based mobile phone group headed by Arun Sarin, is liable for an estimated $2bn in taxes on its $11bn acquisition of local operator, Hutchison Essar, last year.
Vodafone offers to buy out Hutchison Telecom's stake in India's Hutch-Essar at an enterprise value of $17 to 18 billion reports British daily Financial Times.
Bharti Airtel will start talks for "disengagement" from its partner Vodafone once the UK company decides on its future course of action in India.
British telecom giant Vodafone's plans to acquire India's fourth-largest mobile operator Hutch-Essar has received mixed reactions from some of its key shareholders.
The pound 29,350 billion Vodafone, the largest company in terms of revenue in the mobile space, is planning to move in a big way in rural areas of emerging markets such as India.
The government, however, amended the tax laws with retrospective effect to undo the Supreme Court judgement and claim taxes.
The Finance Ministry is of the opinion that Vodafone might drag its tax dispute to court.
The department had sent a notice to the company seeking details and clarifications on a host of issues besides the original agreement between Hutch and Vodafone to establish the jurisdiction of the tax authorities to determine the tax liability. This follow an SC order in January 2009 to the effect that Vodafone should present its case to the tax authorities first and submit a copy of the share purchase agreement, the deadline for which expires by the end of this month.
Setting an ambitious target of 100 million cellular subscribers, leading private GSM operator Vodafone-Essar today announced an investment of $6 billion (about Rs 24,000 crore) in the next three years.
