Cellular market shows phenomenal growth
New Delhi: As compared
to the last year the cellular market grew by a phenomenal 92 per cent in February this
year. The total number of subscribers has reached 3.42 million, up from 1.77 million last
year.
The fastest growing segments were the markets classified as "C" circles. The
department of telecommunications classified the Indian telecom market into
"metro" and "A", "B" and "C" telecom circles,
based on subscriber potential.
The subscriber base in "C" circles expanded by nearly 175 per cent, more than
twice as fast as the lucrative metro markets where the subscriber base grew 73.34 per
cent.
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ICICI bags Rs. 130 crore for
ICICI Bank stake
New Delhi: ICICI Limited, divested 3.6
per cent stake in ICICI Bank for Rs 130 crore in favour of a foreign institutional
investor at Rs 175 per share. This divestment brings down the holding of the financial
institution in the bank 47 per cent.
The divestment also ensures that ICICI Bank ceases to be a subsidiary of ICICI, although
the latter will continue to work closely with the bank to maximise group synergies.
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UTI
Bank-GTB share swap ratio may remain unchanged
Mumbai: Even though the revised valuation
report by Deloitte Haskins & Sells, recommended a marginally lower ratio, the share
swap between UTI Bank and Global Trust Bank merger is likely to remain unchanged at 2.25
i.e. nine shares of UTI Bank to four shares of GTB.
The consultancy firm, appointed by UTI
Bank for revaluation of the share swap ratio, held its final meeting on the issue today
where the chief executives of both banks and the executive director of GTB were present.
The report is to be forwarded to the Reserve Bank of India.
This was arrived at after taking into
consideration the financials of Global Trust Bank up to December 31.
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VSNL
seeks free entry into basic telephony
Mumbai: The countrys international
telephony major, Videsh Sanchar Nigam Limited, is seeking a waiver of the license fee for
its proposed foray into basic telephony in the country.
This, alongwith its demand for a
reduction in the revenue sharing ration from the Centre, is the telecom giants
package for compensation for giving up its monopoly in international voice traffic next
year.
The company wants the Centre to waive the
entry fee of Rs 30-70 crore per circle, besides a change in revenue sharing. Earlier the
company had asked for free licences for an A category Internet service and domestic long
distance telephone foray.
The waiver will also play a crucial role
in determining the valuation of the international telecom carrier, which is offering 25
per cent stake to strategic investors.
The rush for basic telecom licence is
driven by the opportunity to offer limited mobility based on wireless in local loop
technology. Delhi and Mumbai have become attractive because operators providing basic
services here will also provide Wireless in Local Loop-based mobile telephony, covering
the entire city.
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