The British teleco is bidding hard for cellular operator Hutchison Essar. At stake: the world's fastest growing mobile market-and Vodafone's reputation.
Vodafone's revenues for the third quarter have gone up by 16%, thanks to good performance in emerging markets including India.
British telecom giant Vodafone on Tuesday announced a 14.1 per cent jump in the group's revenues to 35.5 billion pounds with its India business delivering a strong growth of over 50 per cent during the year ended March 31.
The UK group bought a 52 per cent stake in the Indian company in May, which is now called Vodafone Essar. Mumbai-based Essar Group owns 33 per cent, with Asim Ghosh, Vodafone Essar managing director, and Indian businessman Analjit Singh owning the remaining 15 per cent.
Arun Sarin is the chief executive officer of Vodafone Group Plc, the United Kingdom-based global mobile operator.
A shareholder of Vodafone Group has urged the company to abandon its plans to acquire India's Hutch Essar, saying the British telecom giant could overpay for the deal, British daily The Times reported on Friday.
The company would also increase its head count by ten fold to 10,000 in the next three years from the current 1000.
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
The British mobile phone operator was widely expected to go for an international arbitration after its talks with the Indian government failed to find a solution last year.
This is the single largest foreign investment in India so far.
Collapse of the mobile operator could translate into total loss of nearly Rs 44,000 crore for the AV Birla group.
Kumar Mangalam Birla will be the non-executive chairman and Balesh Sharma the new CEO of the merged entity, which will remain listed.
Vodafone's operating loss from India business jumped to 692 million euros in April-September from 133 million euros in the same period last year.
However, the number of transactions declined to 76 in January-March this year from 110 in the year-ago quarter.
Half a dozen names are doing the rounds as replacement for Cyrus Mistry as the chairman of the Tata Group.
India's tax authorities began investigating Cadbury in 2011.
Top three mobile operators spend $13.6 bln in auction
A new board has been constituted for the merged entity 'Vodafone Idea Ltd' with 12 directors (including six independent directors) and Kumar Mangalam Birla as its Chairman. The board has appointed Balesh Sharma as the CEO, the companies said in a joint statement. The combination will have an all-India revenue market share of 32.2 per cent and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue.
The former Australia captain declined to name the players involved but reiterated that he had told them, "I don't want to know about it", and then walked away.
With the new entity coming in force, Bharti Airtel will lose the tag of India's biggest telecom service provider to the new entity.
With their net debt estimated at Rs 1.15 trillion, the merged entity will not be in much of a position to dole out freebies, says Romita Majumdar.
Top Indian private sector lender ICICI Bank, which owns nearly 68 percent of the insurer, is selling up to 181.34 million shares in the IPO.
The partially convertible rupee ended at 62.2825/2925 per dollar.
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Cairn India said it has always been fully compliant with all Indian income tax laws.
The rupee's gains came even as most emerging Asian currencies eased as the yuan fell beyond 6.20 to the dollar for the first time since April last year amid market speculation that the central bank will keep the currency weak as economic growth slows.
Vittorio Colao, who is currently on an India visit, said he would be open to listing his company in the country
'The government is unwilling or unable to provide the kind of relief that Vodafone India is asking for.'
In India, there are 22 services area, or circles, for 2G telecom services and both the companies operate in all the circles.
New Delhi is also set to top its target of raising at least $13 billion.
Cut-throat competition, high spectrum costs, and frequent flip-flops in government policies have made it difficult for Vodafone to make money in the country.
In 2013-14, India became the third-largest contributor to Vodafone Group's service revenue and operating free cash flow.
Foreign investors have bought nearly $5 billion worth of debt so far in 2014.
US-based technology major IBM is contesting a claim of the revenue department which has increased the company's taxable income substantially to around Rs 11,000 crore (Rs 110 billion).
Cairn joins a slew of multinational firms including Vodafone Group Plc and Royal Dutch Shell Plc that have been slapped with retrospective tax demands by Indian authorities.
Vodafone is facing tax liability over its $11 billion acquisition of a 67 per cent stake in the mobile-phone business owned by Hutchison Whampoa in 2007.
The move came as the country badly needs capital inflows as the rupee comes under pressure
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