The unit of Reliance Communications may raise debt, equity
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 Department of Telecom (DoT) has decided to do a special audit of Reliance Communications' (RCom) telecom licence companies.
RCom had reported net debt of around Rs 37,360 crore (Rs 373.6 billion) as on December 31, 2012.
Sector experts have, however, indicated that a large part of the airwaves in the upcoming auction will remain unsold.
Under the pact, Mukesh Ambani-led Reliance Industries' telecom arm will hire nationwide optical fibre network of Reliance Communications for rollout of 4G services.
NCLAT chairman Justice S J Mukhopadhaya dismissed the pleas against Ambani and officials after observing that consent terms agreed upon between RCom and minority shareholders for payment of dues cannot be a ground for initiation of contempt proceedings.
After a weak opening, shares of the company dropped further by 5.78 per cent to trade at Rs 83 on the Bombay Stock Exchange.
The three companies for sale are Reliance Communications, Reliance Telecom and Reliance Infratel.
Reliance 3G Tab comes with a 7-inch capacitive touch screen with Android 2.3 OS and a high speed processor of 1.4GHz.
Mumbai-based Reliance Communications increased voice call prices by about a fifth late last month and also increased the base tariff for voice calls.
The district consumer court in its recent order directed the service provider to pay Rs 5,000 towards the mental trauma, and physical and financial losses incurred by Subhash Kharat and Rs 1,000 as litigation expenses.
In insolvency proceedings, Ericsson will be treated as only an operational creditor and may end up losing the Rs 550 crore
As of March 31, 2010, RCom held a 89.71 per cent stake in Reliance Infratel.
The dispute between RCom and Chinese banks led by ICBC started after Anil Ambani led company defaulted on its loans to Indian as well as Chinese banks. A British court on May 22 asked Ambani to pay nearly $717 million to three Chinese banks within 21 days.
Over the past one-and-half years, the number of stocks trading below their respective face value has increased 29 per cent after a sharp correction in stocks of small-cap companies.
Supreme Court had asked the government to issue RCom a NoC for spectrum sale to Reliance Jio Infocomm by December 9 if it furnishes a corporate guarantee of Rs 1,400 crore
BSNL had disconnected the point of interconnection of Reliance Communications on May 23 and May 31 in Haryana and on May 4 in Punjab claiming non-payment of pending dues by the private telco.
Reliance Communications has accused "old 2G operators" of causing over Rs 1 lakh crore (Rs 1 trillion) in losses to the exchequer through "fraudulent means".
In big bang reforms, the Union Cabinet on Wednesday approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 per cent foreign investment through the automatic route. Briefing reporters on the decisions taken by the Cabinet, Telecom Minister Ashwini Vaishnav said nine structural reforms for the telecom sector were approved. The definition of AGR, which had been a major reason for the stress in the sector, has been rationalised by excluding non-telecom revenue of telecom companies.
As debt piles up, Anil Ambani's ability to see the asset sale plan through will be crucial
Reliance BIG TV, the DTH arm of Reliance Communications, is planning to introduce 60 more channels including its own entertainment channels in the next three months, a top company official said.
Indian telecommunications companies are ringing louder. Bharti Airtel and Reliance Communications are among the big league of gloal telecom companies.
During the said period, the Consumer Complaints Council of ASCI found 15 advertisers, including Reliance Communications and Idea Cellular, fast moving consumer goods player Dabur and Elder Pharma and coaching centre Career Launcher, violating the council's code.
Reliance Communications is planning to hive off its direct-to-home and Internet protocol TV businesses into a separate company titled Reliance Digital Works.
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.
New Delhi is also set to top its target of raising at least $13 billion.
BSNL, Tata Teleservices and Reliance Communications, who also provide GSM technology-based services, are not part of the report.
Reliance Communications' tower business Reliance Infratel is likely to enter into an end-to-end telecom infrastructure agreement with Aircel for towers, voice carriage and bulk bandwidth worth about $300 million.
The company had a net profit of Rs 1,636.61 crore (Rs 16.36 billion) in the same quarter previous year, Reliance Communications said in a filing to the Bombay Stock Exchange.
Announcing that he would take up the issue with the telecom ministry, he demanded a probe by market regulator Securities and Exchange Board of India into the hammering of Reliance Communications scrip in the last few days.
Reliance also plans to convert the book into an adult audio mobile book.
A bench headed by Justice H S Kapadia, while dismissing Tata Teleservices and Reliance Communication's petitions, has upheld telecom tribunal TDSAT's order of September 2005 that held these services are not fixed lines telephones, but limited mobile. The Supreme Court had earlier reserved its judgement on a petition filed by Tata Teleservices challenging the telecom tribunal's order which classified the company's fixed wireless phone service 'Walky' as limited mobile.
Anil Ambani group firm Reliance Communications on Monday said its consolidated net profit rose by 11.91 per cent to Rs 6,044.93 crore (Rs 60.44 billion) for the year ended March 31, 2009, over the same period last year.
If the apex court decides on a 15-year repayment tenure, it would pose a grave challenge for the debt ridden VIL.
Reliance Globalcom will become the holding company for the global operations of Reliance Communications (which offers voice services like Reliance India Call, Reliance Global Call, Reliance Netcall and Reliance Passport), the submarine cable subsidiary Flag Telecom and the recently acquired US-based Yipes Enterprise Service (an Ethernet technology major).
Reliance Communications brings all its global initiative under a single brand name of Reliance Globalcomm and renames FLAG Telecom as Reliance FLAG.
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