Vodafone completes merger with Idea

Agencies
August 31, 2018

New Delhi, Aug 31: The merger of Idea Cellular and Vodafone India has been completed, creating India’s biggest telecom service provider with over 408 million subscribers, the two companies said on Friday.

A new board has been constituted for the merged entity "Vodafone Idea Ltd' with 12 directors (including six independent directors) and Kumar Mangalam Birla as its Chairman. The board has appointed Balesh Sharma as the CEO, the companies said in a joint statement.

The combination will have all India revenue market share of 32.2 per cent and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue.

The telecom giant will topple Bharti Airtel from its current pole position, and will have the firepower to take on competition in the Indian telecom market, which has intensified with the aggressive entry of Reliance Jio.

It will have a broadband network of 3.4 lakh sites and distribution network with 17 lakh retail outlets.

"The merger is expected to generate Rs 14,000 crore annual synergy, including opex synergies of Rs 8,400 crore, equivalent to a net present value of approximately Rs 70,000 crore," the statement said.

The net debt of the company stood at Rs 1,09,200 crore on June 30, 2018.

"The equity infusion of Rs 6,750 crore at Idea and Rs 8,600 crore at Vodafone, coupled with monetisation of standalone towers of both companies for an enterprise value of Rs 7,850 crore, provides the company a strong cash balance of over Rs 19,300 crore post payout of Rs 3,900 crore to the Department of Telecom (DoT)," the statement said.

Moreover, it added, the company has an option to monetise over 11 per cent stake in Indus (the tower company), amounting to a cash consideration of Rs 5,100 crore.

The combination will have a wide spectrum portfolio of about 1,850 MHz, over 2 lakh mobile sites and about 2.35 lakh kms of fibre. This will allow it to offer "superior voice and broadband connectivity across the country, covering 92 per cent of the population and reaching nearly 5,00,000 towns and villages," it said.

Kumar Mangalam Birla, Chairman Aditya Birla Group and Vodafone Idea Limited said, "Today, we have created India’s leading telecom operator. It is truly a historic moment...As Vodafone Idea, we are partnering in this initiative by building a formidable company of international repute, scale and standards".

Balesh Sharma, CEO of the new entity said, "We are committed to offer both our retail and enterprise customers an excellent experience while fulfilling their evolving digital and connectivity needs via new products, services and solutions".

A regulatory filing by Idea said it will be renamed as Vodafone Idea Ltd, following the completion of all formalities and approvals. Post merger, the paid-up equity share capital of Idea Cellular stands increased to Rs 8,735.13 crore.

Himanshu Kapania has stepped down from the position of Managing Director of Idea Cellular with effect from August 31, 2018, but shall serve as non-executive director of the new company.

Shares of Idea Cellular were trading 1.10 per cent higher at Rs 50.40 apiece on BSE.

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Agencies
June 24,2020

New Delhi, Jun 24: The Centre has made it mandatory for sellers to enter the 'Country of Origin' while registering all new products on government e-marketplace (GeM).

The e-marketplace is a special purpose vehicle (SPV) under the Ministry of Commerce and Industry which facilitates the entry of small local sellers in public procurement, while implementing 'Make in India' and MSE Purchase Preference Policies of the Centre.

Accordingly, the ministry said the move has been made to promote 'Make in India' and 'Atma Nirbhar Bharat'.

The provision has been enabled via the introduction of new features on GeM.

Besides the registration process, the new feature also reminds sellers who have already uploaded their products, to disclose their products' 'Country of Origin' details.

The ministry further said that failing to disclose the detail will lead to removal of the products from the e-marketplace.

"GeM has taken this significant step to promote 'Make in India' and 'Aatmanirbhar Bharat'," the ministry said in a statement.

"GeM has also enabled a provision for indication of the percentage of local content in products. With this new feature, now, the 'Country of Origin' as well as the local content percentage are visible in the marketplace for all items. More importantly, the 'Make in India' filter has now been enabled on the portal. Buyers can choose to buy only those products that meet the minimum 50 per cent local content criteria."

In case of bids, the ministry said that buyers can now reserve any bid for a "Class I Local suppliers. For those bids below Rs 200 crore, only Class I and Class II Local Suppliers are eligible to bid, with Class I supplier getting purchase preference".

In addition to this, the Department for Promotion of Industry and Internal Trade (DPIIT) has reportedly called for a meeting with all e-commerce companies such as Amazon and Flipkart to display the country of origin on the products sold on their platform, as well as the extent of value added in India.

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News Network
March 13,2020

Bengaluru, Mar 13: In the wake of fresh cases of Covid-19 reported in Karnataka, Infosys Foundation chairperson Sudha Murty has urged the Karnataka government to take steps to shut malls and theatres, saying the coronavirus multiplies in air-conditioned areas.

In a letter to the government, she said preventive measures should be taken to control the spread of coronovirus before it gets worse.

Murty, who also leads the State government-constituted Karnataka Tourism Task Force, said she has discussed the current situation with Chairman and Executive Director of Narayana Health, Devi Prasad Shetty.

She suggested closure of all schools and colleges with immediate effect, malls, theatres and “all air-conditioned areas where the virus multiplies”, and allow only essential services like pharmacy, grocery and petrol bunks.

“It is not scientifically proven that the virus dies in high temperature,” she said pointing to spread of the virus -- despite heat -- in peak summer in Australia and Singapore, which have “summer all 12 months”.

“I request you to vacate one government hospital with at least 500 - 700 beds for this purpose (to deal with coronavirus cases), which requires oxygen lines and pipes,” she said.

“Infosys Foundation, the philanthropic and CSR arm of software major Infosys, would do the civil work and Devi Shetty has agreed to share resources like medical equipment,” she added.

“We would like to work with the government proactively so that we can prevent this as early as possible,” Sudha Murty said.

The total number of confirmed coronavirus positive cases in Karnataka is five, including the 76-year old man from Kalaburagi who died on Tuesday night.

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Agencies
January 4,2020

Washington D.C: One of the greatest spectacles of modern art is still thriving in the Australian outback as confirmed by satellite imagery of NASA. The Marree Man is a massive geoglyph depicting an aboriginal hunter, that spans over 2.6 miles in the Southern Australian region.

Discovered by a pilot in 1998, its origin still remains a mystery even to this date.

The Marree Man was given a new lease of life in 2016 when a group of people from the neighboring town of Marree plowed its lines to avert its fading due to erosion.

After NASA shared the image of the art-work that was taken in June, the efforts of the good samaritans turned out to be a total success, reported CNN Travel.

The restoration team believes that the refurbished Marree Man would last longer than its original version.

According to NASA, "They [the team] created wind grooves, designed to trap water and encourage the growth of vegetation. They hope that eventually, the man will turn green."

In a previous article, CNN reported that an entrepreneur by the name of Dick Smith took upon himself to unravel the geoglyph's mystery in 2016. His team combed through all the available evidence but couldn't find anything conclusive.

In 2018 he even offered a 5,000 Australian dollar reward for anyone who knows the identity of its creator.

Nobody turned up with an answer but it was speculated that unknown artist lives in Alice Springs or even might be an American.

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