1. The above unaudited financial results, as reviewed by the Audit Committee, were approved and taken on record by the Board of Directors at their meeting held on April 23, 2009.

2. Limited Review, as required under Clause 41 of Listing Agreement, has been carried out by the Statutory Auditors.

3. Pursuant to Share Purchase Agreement dated June 25, 2008 entered into between the Company and MCorpGlobal Communications Pvt Ltd (MCPL), the Company acquired 40.8% of the total issued and paid-up share capital of Spice Communications Ltd (Spice) from MCPL, Thereafter, a public offer was made; inter alia, by the Company to the equity shareholders of Spice in accordance with the provisions of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. As on date, the Company has acquired 41.09% of the total issued and paid-up share capital of Spice. The Company proposes to approach Stock Exchanges / High Court for approval of the Scheme of amalgamation of Spice with it shortly.

4. The Company, inter alia, has been granted UAS Licenses by the Department of Telecommunications (DoT) for Punjab and Karnataka Service Areas which overlap with operational UAS Licenses of Spice in respect of same Service Areas, Since the Company has decided to merge Spice into it, the Company has decided to de-merge its own,UAS Licenses for Punjab and Karnataka through a court approved Scheme of Arrangement to an eligible entity. Upon the scheme becoming effective, the difference between the carrying values and the consideration for de-merger of these UAS Licenses is proposed to be adjusted against the balance in the Securities / Share Premium Account. These UAS Licenses have therefore been carried at cost as on March 31, 2009.

5. The company has paid Non-Compete Fee of Rs 54,398 lacs to MCPL in July 2008 pursuant to the Non-Compete Agreement entered into for a period of three years as a part of the acquisition of 40.8% equity in Spice as mentioned above. A Scheme of Arrangement has been filed by the Company with the Hon´ble High Court of Gujarat at Ahmedabad, proposing to adjust the Non-Compete fee paid to MCPL against the balance in Securities / Share Premium Account. The Hon´ble High Court, on April 18, 2009, has issued directions to convene Shareholders´ and Creditors´ meetings for the same. In light of the above, no amortisation of the non-compete fee amounting to Rs 4,496 lacs for the current quarter and Rs 13,687 lacs for the period ended March 31, 2009 are considered necessary.

6. The Company has also filed a Scheme of Arrangement with the Hon´able High Court of Gujarat at Ahmedabad to de-merge its passive infrastructure assets in the telecom circles of Andhra Pradesh, Delhi, Gujarat, Uttar Pradesh (both East & West including Uttaranchal), Haryana, Kerala, Rajasthan and Mumbai to Idea Cellular Towers Infrastructure Ltd (ICTIL), a 100% subsidiary, The Hon´ble High Court, on April 18, 2009, has issued directions to convene Shareholders´ and Creditors’ meetings for the same.

7. The company has commenced operations in the telecom service area of Orissa on April 10, 2009.

8. As per the transitional provisions given in the notification issued by Ministry of Corporate Affairs dated March 31, 2009, the company has opted for the option of adjusting the exchange difference on long term foreign currency monetary items to the cost of the assets acquired out of these foreign currency monetary items, During the quarter, company has capitalised exchange difference amounting to Rs 1,891 lacs on restatement of long term loans used for acquiring fixed assets, Due to this, profit for the quarter and year is higher by Rs 1,861 lacs.

9. Out of the proceeds of Rs 729448 lacs received from Preferential Issue of equity to TMI Mauritius. Ltd during August 2008, Rs 158029 lacs has been utilised during the current quarter (Rs. 622301 lacs year to date) towards the specified objects of the issue. The unutilised balance of Rs 107147 lacs as on March 31, 2009 is lying in deposits with banks and mutual funds.

10. Previous period´s figures have been regrouped and rearranged wherever necessary.

Sanjeev Aga
Managing Director