In a regulatory filing on Friday, the company said that its 23rd Annual General Meeting (AGM) will be held on December 22, to seek shareholders' nod on appointment of Balesh Sharma as the Chief Executive Officer of the company for a period of five years with effect from August 31, 2018.
In his first interaction after the merger of the two companies, chief executive Balesh Sharma said Thursday here that all the three operators are burning cash and no one can expect them to invest in such a situation.
Brokerages expect the net loss to be around Rs 570-3,047 crore for the quarter under review.
Kotak said its channel checks suggest that Jio has seen a higher degree of success with JioPhone monsoon hungama exchange offer plan than it did with the initial JioPhone plan
Jio's national average of 4G download speed was more than double compared to its rival Bharti Airtel, which recorded a download speed of 10 megabits per second (Mbps), according to the data published by the Telecom Regulatory Authority of India (Trai) on MySpeed Portal.
Many of the employees may get absorbed in the parent companies of the two telecoms—Aditya Birla Group and Vodafone group—others will have to be let go
Here is a look at how the telecom sector has evolved over the past couple of years
When the merger was announced in March last year, the combined workforce of the two operators was 25,000
The combination will have all India revenue market share of 32.2 percent and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue.
About 70 executives have so far received the “golden handshake”
The positive movement in AGR is indicative that the telecom is returning to growth, fuelled by a rise in mobile internet penetration.
Aditya Birla Group Chairman Kumar Mangalam Birla has internally announced that Himanshu Kapania will join board of Grasim Industries as a non-executive director and be the vice-chairman of Grasim
Idea Cellular has reported a consolidated total income from operations of Rs 5,889.20 crore and a net profit of Rs 256.50 crore for the quarter ended Jun-2018
The companies had said that the "highly complementary combination" will create India's largest telecoms operator with the widest mobile network.
"We are pleased to inform you that "no adverse observation" letter has been received from the Stock Exchange for the proposed merger of Bharti Infratel Limited and Indus Towers Limited. The Company will file the first motion petition before the National Company Law Tribunal in due course," Bharti Infratel said in filing at both BSE and NSE.
The Department of Telecom gave conditional nod for merger of these companies on July 9.
"Idea Cellular and Vodafone have made payment under protest as demanded by the DoT for the merger. Rs 3,926.34 crore have been paid in cash and bank guarantee of Rs 3,322.44 crore have been furnished," an Idea Cellular official confirmed the development.
Vodafone Idea may prioritise cost savings over market share retention, Credit Suisse said.
There are some formalities which are pending that they have to complete for it (the merger)," Sinha told reporters on sidelines of a BSNL event -- the first on-record confirmation from the government side.
The deal was expected to be cleared in mid-June but the telecom department is considering to raise a fresh demand of around Rs 4,700 crore from Vodafone before granting clearance.
Motilal Oswal is bullish on Idea Cellular has recommended buy rating on the stock with a target price of Rs 75 in its research report dated June 29, 2018.
Indus Towers is currently jointly owned by Bharti Infratel (42 percent holding), Vodafone (42 percent), Idea Group (11.15 percent) and Providence (4.85 percent).
The change in the name will be effective post completion of merger of Vodafone India in the company, as per the agenda placed before shareholders at the EGM.
"Vodafone India had merged its all arm into one company and there are dues of around Rs 4,700 crore related to one-time spectrum charges (OTSC) on the company. DoT will ask Vodafone to either clear dues or furnish bank guarantee before merger with Idea," an official source told PTI.
Idea and Vodafone have decided to combine their operations to create the country's largest telecom operator worth over USD 23 billion.