A flare up of sibling rivalry between India 's billionaire Ambani brothers over the proposed takeover of mobile operator Reliance Communications by South Africa's MTN is threatening to spill over into the courts.
A communication by RIL claiming its first right of refusal to buy a majority equity in RCom had triggered the latest round of fight in middle of Anil Ambani Group company's negotiation with South African telecom major MTN group for an estimated $70 billion amalgamation deal.
The 'turbulent situation' at Newcastle United has forced Reliance Communications to shift focus to English Premier League side Everton, media reports said in London on Sunday.
Tata Teleservices on Wednesday became the second major CDMA operator, after Reliance Communications, to get GSM radio frequency under the dual technology along with other new telecom players.Tata Teleservices has been given start up 4.4 MHz GSM spectrum in Tamil Nadu along with five new telecom players, company officials said.
Anil Ambani group firm Reliance Communications on Monday said news reports that it was acquiring the English Premier League club Newcastle United for an estimated 260 million pounds were false and baseless.
Anil Ambani group firm Reliance Communications denied news reports that it was acquiring the EPL club Newcastle United for an estimated 260 million pounds.
Telecom tribunal TDSAT on Monday rejected a contempt application filed by Anil Ambani group company Reliance Communications against Cellular Operators Association of India, for allegedly taking the legal battle on spectrum for a media trial.
Quoting an unnamed person familiar with the talks as saying that MTN and RCOM could extend their exclusive talks for another two to three weeks after the 45-day period expires tomorrow, the report said, 'there is no indication that extra time alone would be sufficient to resolve the feud' between Anil and Mukesh Ambani. The deal, if fructifies, could create a combined entity worth about $70-80 billion, which would be one the world's biggest emerging market telecom firm.
HDFC bank and Reliance Communications have launched India's first virtual credit card. HDFC credit card users can use their Reliance mobile phones to make payments.
Anil Ambani, whose flagship company Reliance Communications is in talks with South Africa-based MTN, is looking to buy more than 40 per cent stake in the telecom major, a media report said on Tuesday.
The Financial Times reported that Ambani hopes to be a major shareholder in RCom and MTN after the firms combine in a reverse takeover. Ambani would pay an extra $4 to $5 billion in cash to bring his stake in MTN to his target level of 34.9 per cent, the ceiling beyond which he would be forced to make a general offer for MTN, the newspaper said in an article published in its online edition.
BSE Midcap and BSE Smallcap indices settled the day 0.7% and 0.9% higher
India Inc's quarterly net profit reached a record high of Rs 1.64 trillion in the third quarter ended December 31, 2020, mainly due to gains from higher commodity prices and a big swing in banks' earnings. The combined net profit of 3,323 listed companies that have declared results so far was up 68.6 per cent year-on-year (YoY). In comparison, earnings were up six times (534 per cent) in the second quarter and 6.5 per cent in the corresponding period last year.
Telecom major Reliance Communications plans to monetise its real estate assets as it looks to pare debt.
Following Reliance Communications' announcement last week accusing Videsh Sanchar Nigam Limited of delaying implementation of an international tribunal order, VSNL said on Wednesday the announcement contained false imputations against it.
Anil Ambani group company Reliance Communications Infrastructure Ltd has moved the Supreme Court seeking to recover more than Rs 58 crore (Rs 580 million) of outstanding loan from a Mukesh Ambani group firm.
For Rs 39, customers can talk for 300 minutes anywhere in India and worldwide
Reliance Jio Infocomm is the only company which had in 2010 won a pan-India spectrum for 4G services but is yet to start commercial services.
RCom is set to launch a lifetime connection for Rs 199, the lowest from any service provider in the country.
Anil Ambani group company Reliance Communication Ventures Ltd on Friday decided to offer stake worth up to Rs 4500 crore (Rs 45 billion) to international financial and strategic investors.
Reliance Communications (RCom) has paid Rs 1,651 crore as licence fee to start pan-India GSM operations.
Indian mobile operators led by Reliance Communications, BSNL and MTNL on Friday announced a bonanza for their users who are frequent travellers by waiving or nearly eliminating roaming charges.
Reliance Communication has launched 'Classic 732' at a price of Rs 999, the lowest in Indian market. Earlier in May, the company had launched the Classic monochrome phones at a price of Rs 777.
High-end mobile device Blackberry, which was till now available only with the GSM operators, will be soon launched on CDMA platform by Reliance Communications.
The Sensex took less than two years to rally from the 10,000-mark it first hit in February 2006 to double that on that New Year's Eve.
The move by Reliance Communications to outsource its IT requirements would result in an upfront cost savings of around $200 million (Rs 900 crore), with the company seeking a guarantee to this effect from the vendors.
Anil Ambani on Wednesday announced formation of two new companies, Global Fuel Management Services and Reliance Communication Ventures Ltd, under the Anil Dhirubhai Ambani Enterprises umbrella.
Anil Ambani Group firm Flag Telecom on Monday announced the acquisition of US-based Ethernet services provider Yipes Communications for 300 million dollars (Rs 1,200 crore) in cash.
The telecom major has paid over $ 103 million to get the rights for eight years, which include two World Cups, the 20-20 World Cup and the Championship Trophy.
Total income rose 6.55 per cent to Rs 5,361 crore (Rs 53.61 billion) compared with Rs 5,031 crore (Rs 50.31 billion) for the same period last year.
If good stocks were available at throwaway prices, penny stocks found no takers. For instance, Hari Gundecha faced a strange dilemma. He had made profits, buying into Harig Crankshafts when the stock was quoting at Rs 1.30 a share but he could not exit the stock on Tuesday. The stock had run up to Rs 7.61 a share and was quoting at Rs 4.48 a share on Tuesday.
Speaking at a press conference in Kolkata organised by TDSAT, N K Mangla, head of the regulatory department of Reliance Communication, said, "We plan to have a customer capacity of 8 million or 55 per cent of the population in 2008." Reliance also plans to cover 95 per cent of highways, 93 per cent of railways, 6,000 towns and five lakh villages in 2008. Currently, the company has 22,000 towers.
Bharti Airtel remained the top telecom pick of Indian companies followed by Reliance Communications, according to the latest report by world's leading financial management and advisory company Merril Lynch.
Flag Telecom, a fully owned subsidiary of Reliance Communications, is divesting 15-20 per cent of its equity stake to strategic and financial investors.
The company said with the pack, customers can access data at Rs 10 per MB on international roaming while the base tariff is Rs 614.4 per MB. Outgoing voice calls to India can be made for Rs 40 per minute as compared to the base tariff of Rs 165 per minute.
Telecom service provider Reliance Communications is to tap the retail international long distance calling space in the UK
ICICI Bank joined the likes of Reliance Communications, Infosys and Tata Consultancy Services on Monday in the Rs 1-trillion market valuation club.
Having lost the battle for Hutchison Essar, Anil Ambani-controlled Reliance Communications is drawing up plans to invest up to $2.5 billion.
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