Qatar's sovereign wealth fund is in early discussions to buy a minority stake in billionaire Mukesh Ambani's rapidly expanding retail unit for about $1 billion (Rs 8,200 crore), sources said. The Qatar Investment Authority is keen on tapping the fast-growing Indian market and has entered into a discussion to buy about 1 per cent stake in Reliance Retail Ventures, sources with knowledge of the matter said. Talks, sources said, are at a preliminary stage and being led by an executive director on the board of parent Reliance Industries Ltd.
The government on Wednesday said the Mahanagar Telephone Nigam Ltd board has approved the bid for acquiring stake in Rwanda Telecom.
The department of telecommunications, in the draft universal licence guidelines to be signed with telcos which recently won spectrum in the 1800 MHz auction of November, has included a new clause for foreign companies.
ontinuing its acquisition spree in the international market, Bharti Airtel on Wednesday said the company will acquire 100 per cent stake in Telecom Seychelles for $62 million (about Rs 288 crore).
Bharti Telecom stake in the company has been now been raised to 43.72 per cent, the company said in a BSE filing.
The other stressed sectors, according to Chidambaram, are infrastructure, steel, construction, textile and food processing.
In the backdrop of intense competition in the sector, government on Tuesday asked telecom PSUs BSNL and MTNL to reinvent themselves to react faster on aspects like tender processes.
Two regional CDMA players - HFCL in Punjab and Shyam Telecom in Rajasthan - have deposited fee for their GSM spectrum as per the dual technology permitted by the government. HFCL deposited Rs 151.75 crore (Rs 1.51 billion) for Punjab circle, while Shyam gave about Rs 32 crore for the Rajasthan circle.
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