Telecom operator Bharti Airtel would seek approval of its board on December 4 to raise an estimated USD 3 billion (around Rs 21,500 crore), banking sources closely following the development said on Friday.
Along with Bharti Airtel, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Limited have submitted their bids. "Bharti Airtel seems to be the highest bidder with bids of around Rs 9,500 crore. However, the final result will be known on Friday after the committee of creditors (CoC) opens all the bids," the source said.
According to a recent report, Airtel’s Wynk Music at the top of the music apps list.
The Committee of Secretaries was last month constituted to examine "all aspects" of "financial stress" faced by service providers such as Bharti Airtel and Vodafone-Idea Ltd and suggest measures to mitigate them.
"Bharti, Reliance Jio, Varde Capital and UVARCL have submitted their bids. Total 11 bids have come for the assets of three companies - RCom, Reliance Telecom and Reliance Infratel Limited," sources said.
The company did not disclose the size of the 'acquihire' deal, which typically entails acquisition of people or teams. "Quikmile’s team will now be a part of Airtel X Labs – Airtel’s digital innovation factory, which focuses on IoT, Digital Engineering, Artificial Intelligence, and Machine Learning," Airtel said in a statement.
The country's two top telecom operators - Vodafone Idea and Airtel - on Friday filed review petitions in the Supreme Court against its AGR verdict, just ahead of the 30-day time period expiring Saturday since the court's order dealt a financial body blow to the already battered industry neck deep in debts and losses.
Indian telecom operators owe the government nearly Rs 1.47 lakh crore in license fee (LF) and spectrum usage charges (SUC), the communications ministry told Parliament Wednesday. According to sources, the move to defer payments for 2020-21 and 2021-22 will give Rs 42,000 crore relief to Bharti Airtel, Vodafone Idea and Reliance Jio.
To a question on penalty imposed on telecom companies, Prasad said the outstanding SUC (spectrum usage charges) dues of various telecom service providers as on October 31, 2019, added to Rs 55,054 crore.
On the currency front, the rupee depreciated 7 paise (intra-day) against the US dollar to trade at 71.79 in early session.
Reliance Jio will hike mobile phone call and data charges, the company announced on Tuesday. Billionaire Mukesh Ambani's Reliance Jio has issued a statement announcing the decision, a day after Vodafone Idea Ltd and Bharti Airtel made public similar plans December onwards.
As per the data, Bharti Airtel lost 23.8 lakh users in September to take its total user base to 32.55 crore. Similarly, Vodafone Idea lost 25.7 lakh users in the month to take its total user base to 37.24 crore.
Faced with intense competition and unprecedented statutory dues, Bharti Airtel and Vodafone Idea on Monday announced a hike in mobile phone call and data charges from December saying the increase was warranted for viability of their business.
Come December and your mobile bills will be on the rise -- if you are a Vodafone-Idea or Airtel user. Both the companies on Monday announced a hike in mobile phone call and data charges from December, courtesy -- intense competition and unprecedented statutory dues.
Airtel on Monday said it will start increasing rates for mobile services in December. The telecom sector is highly capital intensive with fast changing technology cycles that require continuing investments and therefore, extremely important that the industry remains viable to support the vision of Digital India, Bharti Airtel said in a statement on Monday.
Shares of Vodafone-Idea and Airtel got a massive boost after reports that Department of Telcom (DoT) may fix a floor price for data and voice tariffs. This has rekindled hopes that the embattled telecom giants will be able to withstand the price war caused by Reliance Jio.
Market benchmark BSE Sensex closed with modest gains on Friday, led by a spurt in Bharti Airtel and SBI, amid encouraging global cues. The 30-share index, which opened on a firm note, came under selling pressure at the fag-end of the session as investors turned cautious over weak growth signals. After climbing over 363 points during the day, the Sensex ended 70.21 points, or 0.17 per cent, higher at 40,356.69.
"Nevertheless, the weakening financial viability of Vodafone Idea Aeven if the companies get a relief from the government on payment timeline and some potential license fee reduction in the future. We have assumed that Bharti will gain 40 per cent of VIL's revenues or subscribers, while JIO might garner a higher share of 60 per cent," Emkay said.
The company has recorded net income of Rs 119 crore in the same quarter a year ago, although it said that amount are not comparable due to adoption of new accounting system.