This merger, Bhupesh Bhandari believes, will be watched keenly by management gurus the world over.
Reliance Jio has urged telecom regulator Trai to come up with a revised paper on spectrum allocation for satellite communication alleging that it ignores the key point of ensuring level-playing field between satellite and terrestrial services. In a letter to the Telecom Regulatory Authority of India (Trai) chairman, Anil Kumar Lahoti, Reliance Jio has sought revision of the consultation paper on recommending rules for "terms and conditions for the assignment of spectrum for certain satellite-based commercial communication services".
Bharti Airtel and Vodafone Idea will roll out revised mobile service tariffs increasing rates in the range of 10-24 per cent from the first week of July. Bharti Airtel announced a 10-21 per cent hike in prepaid and postpaid mobile tariffs from July 3, a day after larger rival Reliance Jio announced an increase in rates. Later in the day, loss-making telecom operator Vodafone Idea (Vi) also announced its plan to raise mobile tariffs by 11-24 per cent from July 4.
Vodafone Idea board on Tuesday approved a fund-raise of up to Rs 20,000 crore through a combination of equity and equity-linked instruments, the crisis-ridden telco said, adding promoters will also participate in the proposed equity raise. Overall, Vodafone Idea plans to raise around Rs 45,000 crore through a mix of equity and debt, the company said. The company has been fighting a desperate battle for survival -- it has a debt of Rs 2.1 lakh crore and is reporting quarterly losses, amid massive subscriber churn.
Hutch's migration to the Vodafone brand became complete on Wednesday, but the pug that made the mobile company ever so popular with the masses will remain.
The latest telecom war kicked off after some pictures surfaced, showing Airtel banners among agitating farmers. According to the Jio camp, it was a giveaway that farmers were being enticed to port their phone numbers.
To decide whether capital gains on surrender of call options are taxable
Finance secretary R S Gujral too is believed to have met top Vodafone officials in Mumbai last month.
Macroeconomic data announcements, the last batch of Q1 earnings and global trends are the major factors that would influence trading sentiments in the equity market in a holiday-shortened week ahead, analysts said. Besides, trading activity of foreign investors would also be a crucial factor in dictating movement in the market. Equity markets would remain closed on Thursday for Independence Day.
Vodafone m-pesa was one of the 11 firms that was given payments bank licence by the Reserve Bank of India in 2015.
Representatives of the British telecom company on Friday met senior finance ministry officials, in search of an amicable solution.
Kapoor, who joined Vodafone a year back from Cairn India, resigned citing family commitments, Vodafone India said in a statement.
Measures reportedly being mulled by the government to ease telecom industry's stress and fundraising may give Vodafone Idea the much-needed breather, but structural issue undermining the sector can be fixed only with "sizable" tariff hike for 4G prepaid customers, according to a note by Edelweiss. It further observed that as Voda Idea's large liabilities are falling due, and given the impending launch of JioPhone Next (whose rollout timeline has now been pushed to before Diwali), "the sooner the government measures as well as tariff hikes are rolled out, the better it is". It is pertinent to mention here that the telecom sector has been keenly watching out for the relief package, which could include redefinition of Adjusted Gross Revenue (AGR) to exclude non-telecom items, cut in levies such as Spectrum Usage Charges and easier terms and conditions for surrendering radiowaves to the government.
Spectrum auction for mobile radiowaves services worth Rs 96,000 crore ended with bids worth about Rs 11,000 crore, according to sources. The government has put over 10,500 Mhz spectrum in eight frequency bands -- 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz, valued at Rs 96,238 crore at base price, for auction.
The Finance Ministry has already circulated a draft Cabinet note withdrawing the conciliation offer to Vodafone to resolve the Rs 20,000-crore (Rs 200-billion) tax dispute case.
Delhi High Court quashes reassessment proceedings by Income Tax department.
According to reports, Vodafone NZ had offered all its employees, other than call centre and retail staffers, voluntary severance package
Consumers are unlikely to disconnect their mobile connections and will most likely absorb the up to 22 per cent tariff hike imposed last week by Jio, Airtel, and Vodafone Idea (Vi), according to analysts. The last major tariff hike in 2021 was followed by a 4-5 per cent SIM consolidation, with people leaving mobile operators with more expensive plans for their peers offering comparatively affordable options.
The company has added over 1,300 sites across the two states.
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
While Airtel may be pushed to to No 3, Jio will find it mighty difficult to beat the new entity.
Vodafone Idea, the country's third largest telecom operator, on Wednesday reported a staggering Rs 73,878 crore of net loss in fiscal ended March 2020 -- the highest ever by any Indian firm -- after it provisioned for Supreme Court-mandated statutory dues. The firm, which has to pay Rs 51,400 crore dues after the apex court ordered the non-telecom revenues to be included in calculating statutory dues, said the liability has "cast significant doubt on the company's ability to continue as a going concern".
Promoter shareholders -- Vodafone Group and Aditya Birla Group -- have reiterated to the board that they intend to contribute up to Rs 11,000 crore and up to Rs 7,250 crore, respectively, amounting to a total of Rs 18,250 crore, as part of the Rs 25,000-crore rights issue.
The country's second largest cellular services provider, Vodafone Essar, on Friday announced reduction in international roaming rates for its postpaid customers traveling to South Africa during the IPL Twenty20 cricket tournament beginning on Saturday.
Ruias to challenge Vodafone's put option, continue reverse-listing plan.
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.
Debt-ridden Vodafone Idea (VIL) has decided to opt for converting about Rs 16,000 crore interest dues liability payable to the government into equity which will amount to around 35.8 per cent stake in the company, as per a regulatory filing of the telecom firm. If the plan goes through, the government will become the biggest shareholder in the company which is reeling under a debt burden of about Rs 1.95 lakh crore. "...the board of directors, at its meeting held on 10th January 2022, has approved the conversion of the full amount of such interest related to spectrum auction instalments and AGR dues into equity.
New customer additions by Reliance Jio and Bharti Airtel pushed the Indian telecom subscriber base past 120.5 crore in June, according to a Trai report released on Tuesday. The wireless subscriber base grew marginally to over 117 crore and wireline connections in the country increased to 3.51 crore in June from 116.89 crore and 3.47 crore, respectively, in May, as per data released in Trai's subscriber report for June.
The telecom operator had earlier sought the extension under Clause 4.1 of the licence agreement.
The landmark Vodafone ruling was delivered last fortnight amid fiercely debated proceedings lasting nine days and putting to test skills of a battery of lawyers assisting Vodafone and the Indian government.
A landmark tax case between Vodafone of the UK and the Indian government that is set to determine the future climate for mergers and acquisitions in the country began on Monday.
'Retail investors, who had not seen such a massive correction in the SMID universe since COVID-19, are witnessing something like this for the first time. Panic profit booking may continue.'
Abdulqawi Ahmed Yusuf of the International Court of Justice is appointed as the 3rd arbitrator in Voda tax row.
Firms come out with detailed communiqu for consumers that counter Jio's claims of cheap data
Under the 2007 agreement between Vodafone and Essar, the latter has a put option of divesting its stake in the telecom venture.
Bharti Airtel on Monday reported a 168 per cent year-on-year rise in consolidated net profit to Rs 3,593 crore for the September quarter, and the company unveiled top-level changes, including Gopal Vittal moving into the role of executive vice chairman on January 1, 2026. India's second-largest telco - that competes with Reliance Jio and Vodafone Idea in the Indian telecom market - clocked quarterly revenues of Rs 41,473 crore, 12 per cent higher than the year-ago period, aided by strong momentum in India and growth in Africa.
Granted 6-month relief, subject to interim payments and guarantee, on Rs 3,700-cr demand for alleged transfer pricing in FY09.
Telecom giant Vodafone on Tuesday reported nearly three-times growth in net profit at 8.61 billion pounds ($12.42 billion) for the 2010 fiscal, mainly helped by growth in mobile data and cost cutting measures.
The Guardian reported that accounts filed in Dublin showed that in 2009 Her Majesty's Revenue and Customs settled a dispute with the British telecoms provider over its Irish tax returns.
The government is expected to outline a policy framework for artificial intelligence (AI) at the annual India Mobile Congress (IMC) 2024, beginning Tuesday, officials said. Apart from industry participation, the four-day event will feature booths from over 15 ministries showcasing how AI is being integrated into their departments.
