The telecom services provider had a net profit of Rs 1,395.14 crore (Rs 13.95 billion) in the third quarter of FY'08, RCom said in a filing to the Bombay Stock Exchange. RCom's total income rose by 18.75 per cent to Rs 5,671.82 crore (Rs 56.71 billion) for the quarter under review from Rs 4,776.26 crore (rs 47.76 billion) in the corresponding period last fiscal.
Anil Ambani's Reliance Communications, which offers GSM and CDMA mobile services, said it added 1.62 million new mobile users in March.A company official said the net additions from January to March this year stood at 4.83 million. RCom, the country's largest CDMA operator, added 1.6 million mobile users each for the first two months.
US and European institutional investors bought a majority of shares in the over Rs 4,800 crore (Rs 48 billion) QIP offering by telecom operator Reliance Communications.
DoT decides not to scrap dual-technology telecom licences
In what could be one of the largest outsourcing deals in the Indian telecom space, Reliance Communications is close to awarding a $500-600 million (Rs 2,500-3,000 crore) operations and maintenance contract to Foprench telecom infrastructure provider Alactel-Lucent.
Reliance Communications chairman Anil Ambani on Thursday met Finance Minister P Chidambaram and senior DoT officials, even as his company started examining the books of Hutchison Essar Ltd for a possible bid.
Reliance Communications Ltd (RCom) on Friday announced the sale of 51 per cent stake in its telecom tower business to Canada-based Brookfield Infrastructure Group, for an upfront cash payment of Rs 11,000 crore.
The Mumbai-based firm is on a cost optimisation drive through outsourcing of network management services and call centre operations.
RCom proposed to raise Rs 10,000 crore through a long-term fund-based facility and the remaining Rs 3,000 crore through a non-convertible debenture issue. The firm is raising the debt to meet the capex requirements of various projects, including expansion of GSM network, and repayment of debts. The capex for the next financial year (Rs 150 billion) also includes expansion plans of its telecom infrastructure subsidiary, Reliance Infratel.
Reliance Communications has received a $750 million (Rs 3,000 crore) loan from China Development Bank that would be invested in building a nationwide GSM footprint for the telephony major. The Anil Ambani group company has received the loan for a ten-year period and at a rate of Libor (London Inter-Bank Offered Rate) plus 80 basis points. RCom had received the Reserve Bank of India (RBI) approvals for the loan, sources close to the development said.
Pointing out to the 133-acre Dhirubhai Ambani Knowledge City on the outskirts of the financial capital, he said there is huge realty play opportunity that RCom's erstwhile corporate headquarters possesses, and pegged the potential value creation at the site at Rs 25,000 crore.
Mukesh Ambani's Jio, high debt and some bad decisions drove RCom to its grave.
The Telecom Regulatory Authority of India (Trai) has given its recommendations on the much-awaited issue of spectrum sharing.
Jio's disruptive strategy, including free voice services and data at throwaway rates, apart from offering all services free for six months, triggered a consolidation in the telecom sector.
RCom had net debt of about Rs 40,222.6 crore at the end of June 30.
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RCom slashed 3G prices for all kind of connections -- pre-paid, post-paid, new and old -- across 13 circles where its third-generation services are available.
DoT had raised the demand on December 22 and asked RCom to pay within a month.
The intra-city cable leasing deal will give RCom Rs 1,200 crore, which will be used to clear some of its debt.
Investors in Anil Ambani group firm Reliance Communications have reaped a windfall with the company adding over Rs 50,000 crore (Rs 500 billion) in its market cap since its listing on the bourses last year.
RCom has also tied-up with select credit card providers for its latest offering.
The company is looking at demerger of land banks from RCom and then go for separate listing.
Extending its new device plus data plan to more smartphones, the operator is keen to capture the youth's attention.
RCom is expected to have a 50% stake, Aircel 40% and MTS 10%
Anil Ambani had given a personal guarantee to the loans given by SBI to Reliance Communications and Reliance Infratel in August 2016.
Initiative aims to encourage more people to use the Internet.
This will help the company reduce its debt that has doubled to Rs 40,177.6 crore in four years.
A liberalised spectrum allows operators to use any technology to deliver services like 3G and 4G.
Life Insurance Corporation of India has hiked its stake in Anil Ambani Group company Reliance Communications to 7.02 per cent after buying fresh shares worth Rs 1,274.4 crore through an open market transaction.
The much-touted deal between Anil Ambani group company RCOM and South African telecom giant MTN was called off on Friday. "The two sides were unable to conclude the transaction due to certain regulatory issues," RCOM spokesperson said in statement on Friday night.
Total income from operations rose 6.55 per cent to Rs 5,361 crore (Rs 53.61 billion) for the reported quarter as compared to Rs 5,031 crore (Rs 50.31 billion) for the same period last year.
With the State Bank of India moving the National Company Law Tribunal's Delhi bench to enforce the personal guarantees of Ambani, it will delay the recovery of dues by the Chinese banks which won a UK court order in May this year.
The company has reportedly been in the process of shutting its CDMA business and shifting its subscribers to 2G, 3G and 4G networks.
Reliance Communications on Friday said it has been allotted a brand new 8080 series by the DoT for roll-out in Mumbai.
The company will use the proceeds to part-repay its debt, which stands at Rs 34,000 crore (Rs 340 billion) even after the recent qualified institutional placement of its shares. An RCom board committee recently approved the sale of these assets.
Anil Ambani group firm Reliance Communications denied news reports that it was acquiring the EPL club Newcastle United for an estimated 260 million pounds.
Chinese banks -- China Development Bank, China Exim Bank and Industrial and Commercial Bank of China (ICBC) -- will get a lion share of 30 per cent or Rs 7,000 crore in RCOM/RTL/RITL resolution plan, with the DoT getting nothing if the proposed plan goes ahead.
Alcatel-Lucent currently operates a joint venture with Reliance Communications to manage the Indian carrier's network.
In its offer, that comes days after RIL invoked the arbitration clause under the non-compete agreement and asked RCOM to start conciliation as part of the process, Reliance Communication proposed to meet 'RIL in week of 14th July to clarify any doubts'. RCOM sources said that neither there was any dispute nor occasion for conciliation process and said that communication to RIL makes it clear that the company reserved the rights to take all actions as legally advised.
In 2009, Reliance Communications' net worth exceeded Rs 37,000 crore (Rs 370 billion) making it one of the top three companies in India.
Reliance Communications, whose board on Tuesday approved the proposal for Reliance Infratel IPO, would also consider fund raising through qualified institutional placement basis at an appropriate time.
