Indian oil-to-telecom conglomerate Reliance Industries’s first-quarter consolidated profit jumped 28 percent Thursday, pumped up by higher margins from its core oil refining business, the group said, beating analyst estimates. Consolidated net profit for the three months through June rose to 91.08 billion rupees ($1.4 billion), up from 71.13 billion rupees a year earlier, said the … Read more
Mobile internet usage in India has increased ninefold in a single year, after the launch of a new operator sparked a telecoms price war, according to a new report. Indians used nearly 1.3 billion gigabytes of data in March 2017 compared with around 150 million in the same period last year, said the report, Internet … Read more
UK telecoms giant Vodafone has merged its Indian business with Idea Cellular, India’s third-largest network, to create the country’s largest operator. The combined company will have almost 400 million customers, accounting for 35% of the market share, the firms said in a statement. The announcement ends months of speculation over an impending deal. Analysts say … Read more
British mobile phone giant Vodafone will merge its Indian unit with Idea Cellular to create the country’s largest telecoms operator, the firms said on Monday. “Vodafone Group Plc and Idea Cellular today announced that they have reached an agreement to combine their operations in India,” they said in a statement to the Bombay Stock Exchange … Read more
Buyouts, mergers and quick exits — as India’s richest man shakes up the country’s ultra-competitive mobile market, telecommunications companies are scrambling to either consolidate or cut their losses and run. Norwegian multinational Telenor recently became the latest to quit India and analysts expect other brands will disappear as intense price wars sparked by tycoon Mukesh … Read more
Indian telecom giant Bharti Airtel will buy the local operations of Norway’s Telenor, it said Thursday, as the ultra-competitive mobile market is shaken up by the country’s richest man. Tycoon Mukesh Ambani launched Reliance Jio’s 4G network in September with an audacious free service for the rest of 2016, followed by vastly cheaper data plans … Read more
India’s richest man is rolling out a $20 billion mobile network that could bring lightning-fast Internet to hundreds of millions of people. Indian consumers are already celebrating the arrival of Mukesh Ambani’s new Reliance Jio service, seizing on the billionaire’s promise to deliver rock bottom prices and download speeds that will enable streaming video. The … Read more