Bharti Airtel gets Rs 1,004 cr from Jio for CDMA spectrum

Bharti Airtel said it has closed its deal to transfer CDMA spectrum to Reliance Jio Infocomm and received the money. “Airtel has received Rs. 1004.8 crores (net of tax) from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs. 469.3 crores relating to the spectrum,” the Gurgaon-based company said. The […]

Sumant Sinha’s Renew Power buys L&T’s UT hydro project for Rs 985 cr

Construction giant Larsen & Toubro sait it has sold its 3 x 33 MW hydroelectric power plant in Uttaranchal to Renew Power Private Ltd for Rs 985 cr. It said the move is aimed at allowing the company to become a more asset light organization and improve shareholder value. “This development is a significant step […]

Vodafone Idea denies reports on fiber asset sale

Vodafone Idea today said it is not considering any proposal to sell its fiber optic assets, data centers and You Broadband for $1 billion, as reported by Economic Times newspaper. However, responding to a different media report on the sale of its datacenter business and assets, it said these were not material enough for their […]

Airtel sells Tanzania towers for Rs 1,280 cr

Bharti Airtel said its Africa unit, Airtel Africa, has sold around 1,400 telecom towers in Tanzania to a joint venture company of SBA Communications Corp and Paradigm Infrastructure Ltd for $175 mn, or around Rs 1,280 cr. SBA Communications Corp is a leading global independent owner and operator of wireless communications infrastructure, while Paradigm is […]

Delhi HC grants stay on McLeod Russel’s tea estate sale

In an order that can throw a spanner in the works of tea company McLeod Russel’s debt restructuring, the Delhi High Court has issued an injunction against any asset sale or capital restructuring by the company. The court,”in reference to a matter filed against certain promoters of the company with regard to certain alleged outstanding […]

RIL reorganizes telecom business prior to strategic monetization

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 […]

NSE seeks clarification from Jet Airways on Brit entrepreneur’s interest

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 […]

Olympia Group to construct mall at Eveready plot on Tiruvottiyur Road

Eveready Industries, one of India’s largest battery makers, said it has signed an agreement to sell its plot on  Tiruvottiyur Road in Chennai to local real estate developer Olympia Group for Rs 100 cr. The agreement, said the battery maker, was executed yesterday with Olympia Group firm Alwarpet Properties Private Limited. Mr. Ajit Chordia, MD of […]

RCom to pay off Ericsson, others as SC orders DoT to approve Jio deal

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 […]

Dr Reddy’s sells Jeedimetla API plant to Therapiva

Dr. Reddy’s Laboratories, one of the biggest pharmaceutical companies in India, said it has agreed to sell its API manufacturing unit located in Jeedimetla, Hyderabad, to Therapiva Private Ltd, an emerging generics pharmaceutical company. The company did not reveal the financial details of the deal, but said the transaction is designed as a slump sale […]

RCom completes sale of 1.8 lakh km of fiber to Reliance Jio

Two days after announcing the completon of a transaction to sell some of its physical assets to Reliance Jio, Anil Ambani-led Reliance Communications said it has sold its fibre-based assets to Jio. Like in the previous case, the company did not specifically mention the amount that it would generate from the transaction, but said the […]

Reliance Infra to turn cash surplus as MERC approves Mumbai op sale to Adani

Anil Ambani-led Reliance Infrastructure said it has won approval from the Maharashtra Electricity Regulatory Commission for the sale of its Mumbai power business to Adani Transmission Ltd. It said it now expects to close the Rs 18,800 cr transaction next month. Reliance Infrastructure will utilize the proceeds of the transaction entirely to reduce its debt, […]

Supreme Court lifts HC stay on RCom asset sale to Jio, no relief in NCLT case

Anil Ambani Group’s Reliance Communications cleared a major hurdle for the sale of its assets to Reliance Jio with the Supreme Court lifting the stay imposed by the Bombay High Court on the transaction. However, there was no immediate relief for the company on the the NCLT stay. The stay by the High Court was […]

RCom says will overcome Ericsson, Infratel challenges to Jio asset sale

Anil Ambani-led Reliance Communications said it was confident of overcoming the twin legal challenges posed by shareholders in its tower subsidiary and one of the company’s unsecured creditors, Ericsson. The company is selling much of its spectrum, fiber, towers and other network assets to Reliance Jio Infocomm, led by Anil Ambani’s brother Mukesh, for an […]

Singapore’s GIC Realty looking to invest in Prestige Estates’ office business

Bangalore-based real estate player Prestige Estates Projects said Singapore-based GIC Realty Pte Ltd, the country’s sovereign wealth fund, has signed a term sheet to explore the possibility of acquiring a ‘significant minority’ stake in the Indian company’s commercial buildings business. The term sheet is to explore an investment by Reco Jade Ind Pvt Ltd, a […]

RCom confirms sale of telecom assets to Reliance Jio

Reliance Jio, the firm led by Mukesh Ambani, will walk away with most of the telecom assets of Reliance Communications, led by Mukesh’s brother Anil. Rcom said it has “signed definitive binding agreements with Reliance Jio Infocomm Limited for sale of Wireless Spectrum, Tower, Fiber and Media Convergence Node (MCN) assets.” The Anil Ambani company […]