Indian billionaire Anil Ambani insisted Friday that debt-saddled Reliance Communications had a bright future as he moved to reassure investors who are worried that the telecoms company is close to defaulting on loans. The 57-year-old tycoon, whose telecommunications business is being squeezed by his brother’s own mobile network venture, made a rare address to the … 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
Bharti Airtel, the mother company of Airtel Ghana, has announced that it will be closing shop 15 African countries by the end of 2017. BloombergQuint, the India-focused subsidiary of Bloomberg, quotes Bharti Airtel Chairman, Sunil Bharti Mittal, as saying “the moves would pare the size of operations on the continent and could be completed within … Read more
Bharti Airtel, the mother company of Airtel Ghana, has announced that it will be exiting 14 African countries including Ghana within a year. The affected countries include Ghana, Nigeria, Congo, Chad, Gabon, Kenya, Madagascar, Malawi, Niger, Rwanda, Seychelles, Tanzania, Uganda and Zambia. BloombergQuint quotes Bharti Airtel Chairman Sunil Bharti Mittal as saying “the move would … Read more