The deal is designed to boost efficiency and further enhance customer service and aims to ensure scalable, flexible and resilient IT support for the fast-paced roll out of new network infrastructure to keep up with the rapid growth in Vodafone Essar's customer base.
The clarification comes a day after Vodafone signed a shareholders' agreement with the Essar group.
The move by three major telecom service providers - Bharti Airtel, Vodafone Essar and Idea Cellular - to set up a consortium for passive infrastructure is gaining ground, but independent telecom infrastructure providers are yet to be convinced.
The telecom tower-transmission business is going to see a shake-up with cash-rich and independent companies moving in with aggressive plans.
Essar Global Fund, the Ruia company that invested $1.3 billion in telecommunications, towers and business process outsourcing over the years, made $6.5 billion, a five-fold return, when it flipped these businesses, according to discussions the group has had with merchant bankers.
'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.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
Analysts said even though the Indian economy is expected to slow down to 7.2 per cent in fiscal 2020, it is still the best bet for investment for foreign investors.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
The government plans to take India into the top 50 ranks in ease of doing business in the next two years with efforts such as shifting all applications for industrial licenses online.
ONGC was the top performer while private banking major ICICI Bank extended gains
The financial year ending Saturday saw such big-ticket events that set the directional tone for the country's business journey.
APAs are part of govt's aim to move to a non-adversarial tax regime.
Year 2013 saw business leaders facing the ire of hostile investigative agencies.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
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