British telecom player Vodafone on Wednesday said it has sold an 18 per cent stake in Indus Towers for 1.7 billion euro (about Rs 15,300 crore). Meanwhile, Bharti Airtel has increased its stake by acquiring 2.69 crore shares, representing a 1 per cent stake, in Indus Towers. The shares were acquired by Airtel at an average price of Rs 320 apiece, taking the transaction value to Rs 862.38 crore, as per the bulk deal data.
The police had filed charges in December against Bharti Airtel and Vodafone's India unit.
The world's largest mobile operator by revenue has begun the year on a bold note, backing the initial public offer plans of its Indian unit and sources say the ball has already been set rolling.
A court ruled in favour of Vodafone on Friday in a long-running dispute with the Indian taxman, a boost for the British telecom group whose tax battles have been seen as emblematic of the troubles facing foreign investors in India.
The government's stake in Vodafone Idea will more than double to 48.99 per cent as it is set to acquire shares worth Rs 36,950 crore in lieu of outstanding spectrum auction dues, the company said in a regulatory filing on Sunday.
Vodafone's operating loss from India business jumped to 692 million euros in April-September from 133 million euros in the same period last year.
While Airtel may be pushed to to No 3, Jio will find it mighty difficult to beat the new entity.
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In the process, Vodafone India's valuation rose 48.39 per cent since February 2012, when Piramal Enterprises bought 5.5 per cent stake in Vodafone India for Rs 3,007 crore (Rs 30.07 billion).
'My job is to provide people with a bouquet of options they can choose from.'
In a Diwali bonanza to its customers, Vodafone India on Thursday said it has slashed data rates by up to 80 per cent across the country, with effect from November 1.
The company had announced similar pricing for Sri Lanka, where its application was in advanced stages of regulatory clearance.
"As someone who was born and raised in India, I recognise the urgent need for our youth to be empowered from a knowledge perspective. We believe the Foundation will become an effective catalyst in this regard, Vodafone Chief Executive Officer Arun Sarin said.
Vodafone Group Plc won the Indian cabinet's approval for its $1.6 billion deal to buy out minority partners in its unit in the country, Information and Broadcasting Minister Manish Tewari said on Thursday.
British telecom giant Vodafone Group plc on Friday won an arbitration against the Indian government over a demand for Rs 22,100 crore in taxes using retrospective legislation.
The investment was committed to by Vittorio Colao, CEO of Vodafone Group Plc.
Shares of Reliance Industries as well as Bharti Airtel began the trade on a positive note on Wednesday after the two firms announced their partnerships with Elon Musk's SpaceX for providing high-speed internet services in India. Bharti Airtel stock opened with a gain of 5.49 pc to hit a high of Rs 1,388.25 apiece on the National Stock Exchange (NSE). Soon, it pared all gains and traded 0.77 per cent lower to Rs 1,650.10 per piece.
The companies are being probed into for alleged corruption in spectrum allocation during NDA regime.
Vodafone on Thursday launched a new facility for its postpaid customers across the country enabling them to get a new number when they relocate to different state.
Airtel has informed the government and regulator Trai that it has approached Reliance Jio and Vodafone Idea with a proposal for a joint initiative to unite the industry against rising telecom fraud and scams.
Incoming charges while roaming have been a hindrance to worry-free usage
Tata Sons Ltd, the holding company of the $150 billion Tata group, may be forced to infuse fresh capital into its loss-making telecom arm, Tata Teleservices Ltd (TTSL). This is because TTSL has to pay Rs 19,256 crore adjusted gross revenue (AGR) along with other dues to the central government by March 2026.
The Supreme Court had ruled in Vodafone's favour in 2012.
In a significant move, Vodafone India on Tuesday said it has reduced data charges by up to 80 per cent in three circles and the new cheaper rates will be rolled out nationally in a phased manner.
Cut-throat competition, high spectrum costs, and frequent flip-flops in government policies have made it difficult for Vodafone to make money in the country.
The telecom operator had earlier sought the extension under Clause 4.1 of the licence agreement.
DoT has rejected the demand of Vodafone India for licence extension in three circles.
Reliance Jio and Bharti Airtel have enough capacity to absorb over 113.9 million Vodafone Idea subscribers who are on 4G if Vodafone Idea has to shut operations.
The IPO is expected to bring handsome fees for the selected banks at a time when billion-dollar listings have become scarce
Country accounts for 38% of telco's global user base, 10% of total revenue
The government has in-principle approved refarming (shifting) of spectrum and was waiting for Telecom Regulatory Authority of India's recommendations in this regard to start the process and formalise it as part of the new telecom policy.
Vodafone Idea's (Vi's) subscriber loss reduced to a seven-month low in March, and alongside the company added 1.1 million broadband users after two months of net loss -- two things analysts have noted as key trends that need to be monitored. While Vi has been losing customers for more than two and a half years now, the churn reduced to below a million after five straight months in March, the Telecom Regulatory Authority of India (Trai) data has shown. "Jio's softer than usual subscriber growth in March, and VIL's slowing subscriber market share loss are key trends to keep an eye on going forward," global investment banking and financial services major UBS said in an analyst note.
Bharti Airtel vice-chairman & managing director Gopal Vittal on Wednesday said while a call on exercising the option of converting pending spectrum dues into government equity would be taken by its board, the company had reached out to the Department of Telecommunications (DoT) to confirm whether it could do so. "On the adjusted gross revenue (AGR) conversion, it was simple.
Vodafone has to sell its entire stake in Airtel following new norms issued by government.
Vodafone India launched the 'World of Difference' (WOD) programme, a flagship initiative run by the Vodafone Foundation, for the second time in India.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
Vodafone India in association with BIG Cinemas has launched a unique initiative to make its customers feel special. From August 12 to August 26, 2012, any Vodafone customer, who goes to see a movie in BIG Cinemas at Ahmedabad, Rajkot, Jamnagar, Palanpur , Patan and Vapi, will get a Birthday surprise that will be a true delight!
Vodafone pleaded in High Court that IT department had no jurisdiction in the transfer pricing case because the said transaction was not international and did not attract tax.
India has challenged in a Singapore court a verdict of an international arbitration tribunal that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc, sources said on Thursday. An international arbitration court had on September 25 rejected tax authorities' demand for Rs 22,100 crore in back taxes and penalties relating to the British telecom giant's 2007 acquisition of an Indian operator. Two sources privy to the development said India had 90 days to file an appeal against the tribunal award, and the same was done in a Singapore court earlier this week.
The current termination charge is 10 paisa a minute.
World's second largest mobile operator Vodafone Plc of UK on Tuesday sought FIPB approval to invest Rs 10,141 crore (Rs 101.41 billion) in raising its stake in the Indian arm to 100 per cent.
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