IGI Logo

Big breather for Voda Idea as govt clears relief package for telecom sector

Vodafone Idea Ltd has got a big breather, with the Cabinet on Wednesday clearing a proposal for giving telcos a moratorium on their adjusted gross revenue (AGR) dues as well as spectrum payments prospectively for the next four years. According to analysts, the move translates into a relief in the company’s cash outflow by over Rs 65,000 crore. However, with VIL losing market share month-on-month, will it be able to use the improved cash flows to upgrade its network (from 2G to 4G) and get back on track? To be sure, it has got much more than what it had asked from the government— another two-year moratorium only on spectrum payments.

Tatas, SpiceJet's Ajay Singh submit financial bids to acquire Air India

The Tata group and SpiceJet promoter Ajay Singh have submitted financial bids for acquiring Air India as the disinvestment process of the debt ridden national carrier entered its final stage. This comes three years after a failed attempt by the government to sell Air India. “We have received financial bids in sealed covers. The bids will be opened after the reserve price is fixed independently and security clearance of bidders is obtained,” said Tuhin Kanta Pandey, secretary, Department of Investment and Public Asset Management (DIPAM). The government hopes to conclude the disinvestment of Air India by the end of the year.

Adani Transmission to invest Rs 1,200 cr in MP to strengthen power system

Adani Transmission Ltd (ATL) on Wednesday said it would invest Rs 1,200 crore in eastern Madhya Pradesh to strengthen the power transmission system for MP Power Management Company Ltd (MPPMCL). The company will build, own, operate and maintain the transmission project in the state for a period of 35 years. ATL, in a press release, informed that the company had received a Letter of Intent (LoI) for the acquisition of MP Power Transmission Package-II Limited, incorporated by REC Power Development and Consultancy Ltd.

Axis board gives approval to reclassify Oriental Co as public shareholder

Axis Bank on Wednesday said its board of directors has approved to reclassify The Oriental Insurance Company Ltd (OICL) from promoter category to public category shareholder. The bank said it received a request from OICL dated September 7, 2021, holding a 0.16 per cent stake in the bank, to reclassify it from promoter to public shareholder. "...the approval of the Board be and is hereby accorded for reclassification of OICL, holding 0.16 per cent of the total issued and paid-up equity share capital of the bank, as on September 7, 2021, to the public category from the promoter category," Axis Bank said in a regulatory filing.

Ratan Tata, Chandrasekaran deny reports of leadership changes at Tata Sons

Patriach of the Tata Group, Ratan Tata, and Tata Sons chairman, N Chandrasekaran, on Wednesday denied any change in the top leadership at Tata Sons. Both Tata and Chandrasekaran were reacting to media reports that a new CEO position will be created in Tata Sons to oversee the group’s business. The report also claimed that Chandra will continue to remain the chairman of Tata Sons and get a second term. Tata Sons had not replied to media queries before publication of the story in the media.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer