Connect with us

Info Tech

Vodafone buys $1.48 billion stake in its Indian unit

Published

on

…Take Full Control of its Indian Unit

 NEW DELHI – Vodafone Group PLC is taking full control of its Indian subsidiary after buying out minority shareholders, increasing its exposure to one of the world’s fastest-growing mobile telecom markets.

The U.K.-based mobile operator is buying an 11% stake in Vodafone India Ltd. for 89 billion rupees ($1.48 billion) from Piramal Enterprises Ltd., a conglomerate with interests in real estate, pharmaceuticals and finance, Piramal’s chairman said on Thursday.

Vodafone said it last month completed the purchase of a 4.5% stake in the venture from Analjit Singh of Max India Ltd. Vodafone didn’t say how much it paid for the stake and Mr. Singh wasn’t available for comment.

The two deals will result in Vodafone owning 100% of its Indian operations. It previously controlled an 84.5% stake through direct and indirect holdings, with the remainder held by Piramal and Mr. Singh.

Vodafone’s decision to take full control of its Indian operations follows similar moves by other European multinationals, including Unilever PLC and GlaxoSmithKline PLC, to increase their exposure to India.

India scrapped a 74% cap on foreign ownership of Indian telecom companies last July to tackle credit shortfalls and currency devaluation and the government approved Vodafone’s plans to buy out its minority investors for 101.4 billion rupees ($1.69 billion) at the end of last year.

Piramal initially held its stake so that the British company would comply with India’s foreign ownership rules.

Vodafone Chief Executive Vittorio Colao is prioritizing India as a key target market and said in February the operator would look to bolster its business there through deals. About 70% of Vodafone’s customers are located in fast-growing telecom markets such as India, Turkey and South Africa.

India will become one of Vodafone’s top two global markets after the British company sold its 45% stake in Verizon Wireless to its U.S. joint-venture partner Verizon Communications Inc. for $130 billion, Mr. Colao added, without specifying by what measure or the time frame.In the fiscal year to the end of March 2013, Vodafone generated £4.3 billion ($7.2 billion) of revenue and over £1 billion in adjusted operating profit in India. In recent years the company has grown its business in India—where it competes with Bharti Airtel Ltd—by tapping local demand for voice communications. Through increased smartphone penetration, India also offers high growth potential from higher-margin data services, analysts say.

Vodafone, the world’s second-biggest mobile operator by number of subscribers after China Mobile, had around 160 million customers in India at the end of December 2013, of which 94% were on less-loyal “prepaid” contracts.

In the three months to the end of December, Vodafone added 4.9 million mobile customers in India, while revenue before acquisitions, disposals, currency effects and excluding handset sales, rose 13%. Data usage grew 117%, primarily because of a 38% increase in mobile Internet users and a 65% increase in usage per customer, Vodafone said.

Vodafone’s focus on India comes despite an as-yet unresolved long-standing $2 billion tax dispute with the Indian government, part of a larger tax offensive waged by the cash-strapped Indian state against multinationals.

Indian tax authorities in 2007 said Vodafone owed more than $2 billion in capital-gains taxes related to its acquisition of a controlling stake in an Indian phone company from Hong Kong’s Hutchison Whampoa Ltd.

Vodafone is using part of the proceeds from the Verizon deal to invest an additional £7 billion ($11.7 billion) in its global networks over the two years ending March 2016, of which £700 million is earmarked for India. It has also spent around $20 billion buying fixed-line cable assets in Germany and Spain.

– WALLSTREET JOURNAL

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Info Tech

ITREALMS E-Waste Dialogue Partners EPRON, EL-AS Tech, WEE-Eco

Published

on

In efforts at spicing up the 2023 ITREALMS E-Waste Dialogue, the management of ITREALMS Media has partnered with E-waste Producer Responsibility Organization of Nigeria (EPRON) membership organisations for a day-long collection scheme of small electronic waste on Friday, December 15, 2023.

The EPRON members aligning their partnership with 2023 ITREALMS E-Waste Dialogue are EL-AS Tech Enterprises Limited and WEEE Eco-Friendly.

ITREALMS’ day-long collection scheme is part of the commemoration of 2023 international E-Waste Day (IEWD) within the ITREALMS E-Waste Dialogue with the theme “You Can Recycle Anything with a plug, battery or cable” at Welcome Centre Hotels, International Airport Road, Lagos.

Revealing this collaboration, the Group Executive Editor, ITREALMS Media, the organisers of the 2023 ITREALMS E-Waste Dialogue, Sir. Remmy Nweke, urged mobile device enthusiasts to come along with their devices that have reached their end-of-life to the venue for proper disposition by professionals who would also be on grounds to address some topical issues.

The collection of small electronic wastes especially mobile phones and like-devices, would be carried out by EPRON member organisation, EL-AS Tech Enterprises Limited as facilitated by ITREALMS Media group as part of this year’s ITREALMS E-Waste Dialogue on Friday, December 15, he added.

He disclosed that the exercise would commence at Welcome Centre Hotel by 9am till close of work hours the same day.

Nweke pointed out that the collection of small e-waste items would include mobile phones, pointers mouse, earpieces, rechargeable torches, phone chargers, to name a few.

Further, he said, that this initiative has become time-serving because some people may have missed any other opportunity before now for the year-long campaign, hence this awareness on e-Waste has to be continuous, “ITREALMS came up with this scheme.”

Nweke beckoned on Nigerians, especially mobile phone users, to leverage the opportunity in disposing of their mobile devices they no longer use, of course in exchange for a voucher or gift item.

In her reaction to this year’s day-long small waste collection, EPRON Executive Secretary, Mrs. Ibukun Faluyi, described the initiative as commendable, expressing confidence it would intensify the collection of end-of-life devices for proper disposition.

Mrs. Faluyi, also urged Nigerians to take advantage of this day-long collection of small wastes courtesy of ITREALMS Media.

Recalling for instance that in October 2022, EPRON had partnered SLOT alongside some UN agencies for collection of small e-waste items in Lagos, including the United Nations Information Centres (UNIC), United Nations Industrial Development Organization (UNIDO), International Labour Organisation (ILO), Lagos Waste Management Authority (LAWMA) and Lagos State Environmental Protection Agency (LASEPA).

This is even as the Executive Vice Chairman of the Nigerian Communications Commission (NCC) Dr. Aminu Maida and Director-General, National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Aliyu Jauro, would both lead speakers at the 2023 ITREALMS E-Waste Dialogue slated for this Friday, December 15, in Lagos.

Continue Reading

Info Tech

iPhone 15: Things To Know About Apple’s Newest Model

Published

on

iPhone 15: Things To Know About Apple's Newest Model

Today, September 12, the tech corporation Apple will introduce the iPhone 15, their newest iPhone model.

According to a Forbes story, this model, which will be introduced at the company’s “Wanderlust” event in Cupertino, California, will be available in four variations: the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max.

Here are five things you should know about the new iPhone 15 model.

1. The new model is made of titaniu, not stainless steel as some other Apple smartphone models, Senior research analyst at DIGITIMES, Luke Lin reports.

2. The Pro Max model will feature double the optical zoom on the iPhone 14 as it comes with a newly-introduced ‘periscope lens upgrade, performing 5-6x optical zoom.’

3. The Pro models will carry an A17 bionic chip expected to make it perform faster.

4. The iPhone 15 model will feature a USB-C charging port, the same port featured on some Android phone models.

5. Due to its titanium shell, the new model is anticipated to be more expensive to purchase. The following is the speculated price list, as reported by Forbes:
The iPhone 15 starts at $799, the iPhone 15 Plus at $899, the iPhone 15 Pro at $1,099 ($100 increase), and the iPhone 15 Pro Max at $1,299 ($200 increase).

Continue Reading

Info Tech

FG Partner With Firm, Set To Introduce 500 Autogas-Powered Buses

Published

on

FG Partner With Firm, Set To Introduce 500 Autogas-Powered Buses

In an effort to reduce the exorbitant cost of Premium Motor Spirit, better known as petrol, the Infrastructure Bank Plc announced its collaboration with FEMADEC Group on Monday to offer 500 buses powered by autogas (Compressed Natural Gas).

Partners in the agreement claimed that the project was created to provide citizens with dependable, affordable, and environmentally friendly travel options, taking into account the negative effects of the nationwide increase in PMS costs.

Under Decree No. 51 of the Federal Republic of Nigeria’s 1992 Constitution, the Infrastructure Bank, originally known as the Urban Development Bank of Nigeria Plc, was founded in 1992 to promote the quick development of infrastructure throughout the nation.

In a statement issued in Abuja on its partnership with FEMADEC, the bank said, “The preliminary offer extended by TIB lays a solid foundation for the expansion of FEMADEC Group’s CNG bus fleet.

“With plans to introduce 500 CNG buses within the next five years, commencing with an initial batch of 50 buses in the forthcoming year, this proposal stands poised to instigate significant change.

“The acceptance of this proposition by FEMADEC Group, notably championed by Fola Akinnola, the Group Chief Executive Officer, is a testament to their zeal and dedication to this alliance.”

The bank described the partnership as a “pivotal endeavour that is primed to redefine Nigeria’s public transportation landscape, offering dependable, cost-effective, and ecologically conscious travel alternatives for citizens, while harmonising with the nation’s broader sustainability ambitions.”

“This partnership represents a remarkable stride towards a more ecologically aware future for Nigeria’s transportation sector, highlighting the shared commitment of both TIB and FEMADEC Group to sustainable advancement and progress.”

It said FEMADEC Group’s strides in operating Compressed Natural Gas buses, including the existing fleet of 20 CNG buses under LAMATA, underscored their unwavering dedication to ecologically sound solutions, a commitment predating the fuel subsidy removal.

“Their leadership within the CNG value chain is undeniable, and the new alliance with TIB underscores their foresight.

“This partnership seamlessly aligns with TIB’s sustainability objectives, echoing their resolute endorsement of the government’s net-zero and climate change agenda.

“The bank’s aspiration to champion Nigeria’s infrastructure progress is evident in its endorsement of pivotal initiatives like this, yielding expansive positive impacts on both the environment and society,” the bank stated.

The bank added that it would continue to make a significant contribution to the country’s growth as a leading financial institution committed to advancing effective and long-lasting infrastructure projects.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.