Bharti Airtel has abandoned its plan to reorganize its corporate structure by focusing on the digital business — such as its Wynk app, Airtel Cloud, Airtel Xstream and so on — by moving all telecom infrastructure into a different subsidiary known as Airtel Ltd. The move was announced eight months ago, and was widely seen […]
Mumbai-based Raymond Ltd said it has abandoned its two-year-old plan of splitting its garments, or lifestyle, business into a different company, and will instead focus on monetizing its engineering business. The company also said it will spin off its real estate business into a new company, but wholly owned by Raymond Ltd. In 2019, Raymond […]
SpiceJet, one of the two companies trying to take over the national airline, has rejigged its holding structure by transferring its cargo business to a wholly owned subsidiary to allow for greater ease of monetization. The airline also said it will also raise Rs 2,500 cr through a qualified institutional placement of SpiceJet shares. The […]
Telecom operator Bharti Airtel seems to have borrowed a leaf from rival Reliance Jio in announcing a restructuring of its business that puts its digital business at center stage, while moving the pipe or connectivity business to a separate, wholly owned subsidiary. This is the opposite of how things stand now. At present, the connectivity […]
Bharat Sanchar Nigam Ltd is all set to report its first improvement in finances after the entry of Reliance Jio into the market, and is on track to reduce its operating expenses by around half this year. For the first nine months of the current financial year, BSNL’s total losses plunged to just Rs 3,607 […]
Outsourcing major Wipro Ltd said it will replace the current way in which it has structured its business by reorienting it along two core themes — product-related services, and infrastructure-related services. Earlier, Wipro used to divide its services into seven verticals and five capabilities. The seven verticals included segments like manufacturing, telecom, consumer products, financial […]
Vodafone Idea, one of the top three telecom players in the country, warned that it will be able to continue as ‘a going concern’ only if it is able to obtain relief from the government. Going concern refers to a company that has the ability to continue to operate and does not face the threat […]
Reliance Industries, India’s most valuable company by shareholding, has restructured its telecom investments and holdings to facilitate its “early monetization”. The oil-to-retail giant said it has decided to set up a new company exclusively for holding the digital business of RJIL — devoid of towers and fiber — and plans to sell stakes in this […]
The National Stock Exchange on Wednesday sought a clarification from Jet Airways regarding reports that a British entrepreneur has expressed interest in acquiring it. The NSE has asked Jet Airways whether such negotiations were taking place and whether it was aware of any information that has not been informed to both NSE and BSE. This […]
Anil Ambani Group’s Reliance Communications has given up on reaching a debt resolution plan acceptable to all its lenders and has decided to start bankruptcy proceedings at the Mumbai National Company Law Appellate Tribunal. The original plan, unveiled in 2017, envisaged a step-by-step asset sale process through which the company planned to raise tens of […]
Anil Ambani Group’s Reliance Communications Ltd got a big relief today after the Supreme Court ordered the Department of Telecommunications, Government of India to approve the sale of the company’s spectrum lease to Reliance Jio. “The Spectrum trading transaction will now be completed and RCOM will pay-off Ericsson and minority investors of Reliance Infratel Limited […]
Vodafone Idea, the company formed out of the merger of the former No.2 and No.3 telecom operators in India, said it will eliminate around 16,000 distributors, close over 2,000 branded stores in urban areas and slash the number of call centers by more than half. The moves are aimed at reducing operating costs and helping […]
Jet Airways managed to sequentially bring down its pretax loss by a smidgen due to its recently started cost cutting measures during the second quarter, and announced further measures to reduce losses. Even as revenue rose sequentially by Rs 170 cr in Jul-Sep quarter, total non-tax expenses rose by only Rs 144 cr, which had […]
Hotel Leelaventure, one of India’s biggest hotel groups, said it missed yet another interest payment on debt issued to Life Insurance Corporation of India. “The company has defaulted in payment of quarterly interest of Rs 212.67 lakhs, which was due on 19 September, 2018,” it said in a statement. Leela had raised debt of Rs […]
The board of directors of Jet Airways, the body that acts as the representative of all shareholders, will on Monday consider the cost cutting measures proposed by the management of the airline, the company said. “The Audit Committee and the Board of Directors at their meeting scheduled to be held on Monday, 27 August 2018, […]
Fortis Healthcare confirmed a report that the company had availed of a three-year loan of Rs 160 cr, but denied that it was done to avoid bankruptcy. “We wish to confirm that the Company has availed a secured financing facility upto Rs. 160 crore from RattanIndia Finance Private Limited on March 29, 2018.. We would […]
Anil Ambani-led Reliance Communications said it is confident of completing the sale of the assets related to its mobile network to Reliance Jio on time. The company’s statement was in the context of the Supreme Court refusing to give any urgent relief on the stay imposed on the asset sale by the National Company Law […]
Prakash Industries said it will spin off its plastics business and enter the ‘flexible plastic packaging’ segment, a move that would see it competing with the likes of Uflex. The company said the new business will focus on high performance barrier films and laminates for use in packaging food, beverages, oil, personal care and pharmaceutical […]
Anil Ambani Group’s Reliance Communications said it is on track to complete the sale of its mobile network assets by the end of next month. Speaking in the context of gaining shareholder approval for the scheme, the company said: “RCOM’s asset monetization is proceeding on fast track to close by March 2018, subject to lenders’ […]
Tata Steel UK, formerly Corus Group, has taken one more step towards solving its financial woes by moving its pension-related liabilities to a new entity. It said the UK Pensions Regulator has approved a Regulated Apportionment Arrangement or RAA that separates the pension scheme from itself. Tata Steel UK will pay £550 million to the […]
