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.
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.
Announces 50% cut in prepaid monthly recharge.
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.
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.
Delaying GAAR is seen as a move partly designed to help solve Vodafone dispute.
Ahead of its Rs 18,000 crore further public offer (FPO), Vodafone Idea on Monday said it expects to roll out 5G services in select pockets within 6-9 months of raising fresh capital. Its chief executive Akshaya Moondra said rollout of the modern 5G telecom services is one of the objectives of raising the capital from the public and once the funding comes, it will start work on the rollout. "With this round of funding, we believe we will be able to (come) back to participate in the industry growth which has not been possible," he said.
The Indian State's arbitrariness may have come to be accepted with resignation within the country, but when it behaves in the same manner with external players, it gets a push-back, observes T N Ninan.
The Department of Telecommunications (DoT) is in the process of issuing a show-cause notice to Vodafone Idea (Vi) for delaying the payment of licence fee. Companies pay 8 per cent of their adjusted gross revenue as licence fee. This also includes a universal service obligation levy. The fee is collected from each of the 22 telecom circles in the country on a quarterly basis.
Idea Cellular will have to furnish an undertaking that it will entertain all the liabilities whenever a final decision is taken by the courts
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.
The two parties -- the Centre and Vodafone -- have sought a few more weeks to decide on the matter.
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".
Call drop problem to improve in 12-16 weeks in Delhi: Vodafone
The launch of internet-enabled Jio Bharat phones at an "attractive pricing" will enable Jio to gain market share at the lower end segment and signals a reduced probability of tariff hike in the near term, brokerages tracking the sector said. Jio on Monday launched internet-enabled Jio Bharat phones at Rs 999, packing in a cheaper monthly plan of Rs 123 for unlimited voice calls and 14 GB data. The new offering aims to accelerate the '2G Mukt Bharat' vision, as India still has 250 million mobile subscribers trapped in the 2G era with feature phones.
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.
Fair valuation of minority stake in joint venture at core of dispute; different worth of shares in two Essar entities a thorny issue.
Lok Sabha passes Finance Bill; Will introduce a white paper on black money in current session: FM
RBI's exercise will take into account standards of governance, the viability of the payment bank (PB) business model, and changes, if any, if needed.
The move to sell the jewel in Vodafone's crown closes a heady expansionist chapter for one of Britain's most famous companies
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.
Bharti Airtel on Thursday submitted its bid for 3G spectrum, auction for which starts from April 9.
Set to achieve a major milestone of playing his 100th Test this week, England wicketkeeper-batter Jonny Bairstow dedicated the achievement to his cancer-survivor mother who has been his driving force and kept the family together through the difficult times.
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.
Telecom services providers have urged the Ministry of Finance to suspend the universal service obligation (USOF) till the existing corpus is exhausted. In their Budget recommendations, they have also pressed for an exemption from the service tax on "assignment of right to use natural resources" and the slashing of Customs duty on telecom equipment to zero. The Cellular Operators Association of India (Coai), which represents private sector telecom operators Reliance Jio, Bharti Airtel, and Vodafone Idea, called for abolishment of USOF levy.
Reliance Industries, construction major L&T and IRB Infrastructure are some of the top companies that have used an infrastructure investment trust structure to reduce part of their debt and generate returns for their investors. Earlier this month, IRB Infrastructure InvIT was listed on the National Stock Exchange, giving its investors an option to exit by selling their units. The listing came within months of the Securities and Exchange Board of India's (Sebi's) guidelines for conversion of private unlisted InvITs into listed ones were issued.
The rumour verification process would now be triggered by changes in price or 'material price movements', as the paper defines it. What this means is that companies would need to verify rumours only if the share price moves significantly.
The government, however, amended the tax laws with retrospective effect to undo the Supreme Court judgement and claim taxes.
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.
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.
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 Finance Ministry is of the opinion that Vodafone might drag its tax dispute to court.
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 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.
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