Just after a day Urjit Patel resigned, former economic affairs secretary Shaktikanta Das on Tuesday has been appointed as the new governor of the Reserve Bank of India and he will serve for a tenure of three years.
Shaktikanta will be the 25th Governor of the Reserve Bank of India. Das was an economic affairs secretary from 2015 to 2017, and worked closely with the central bank. He is currently a member of the Finance Commission of India, and the government’s representative at the Group of 20...
Former Indian captain Sourav Ganguly on Monday praised team India's 31-run victory over Australia in the first Test at Adelaide and also predicted that the four-match series will be a hard-fought one and will yield results in each & every match.
Speaking to media, Ganguly said, "It's an excellent win. Really credible. It will be a competitive series. There will be a result in every match."
Team India on Monday registered their sixth Test win on Australian soil and also the first time they have...
The Congress has touched the majority mark in Rajasthan leading with 103 seats, in the 199-seat strong assembly leaving behind BJP with 72 seats during the vote count on Tuesday.
Senior Congress leader Ashok Gehlot reportedly said on Tuesday that he was confident that his party will form the government in Rajasthan and the decision on the chief minister's post will be taken by party president Rahul Gandhi.
When asked who will be the CM, he said it will be decided by the party MLAs and the Congress...
Four policemen were killed after Jaish-e-Mohammad militants attacked a police post, guarding the minority community at Zainapora area of Shopian district of South Kashmir on Tuesday.
The policemen were keeping a watch on a residential area and were inside their guard room, suddenly the terrorists fired at them this afternoon but all people from the minority community were safe. The terrorists also took away the service rifles of the policemen.
According to media reports, JeM spokesperson Muhammad...
Director Mahesh Bhatt while talking about Ranbir Kapoor and Alia Bhatt's relationship affirmed that his daughter is dating the Bollywood hunk, Ranbir. He also admitted that they are "in love."
In a recent interview, the filmmaker said, "Well, of course they’re in love. You don’t need to be a genius to get that! I love Ranbir… he’s a great guy. What they do to their relationship is something they’ll have to figure out."
"Whether it’s heading towards that port called ‘marriage’ —...
The Supreme Court prohibited the media on Tuesday from revealing the names and identities of victims of sexual assault, in any manner, including during trial.
The top court barred media organisations and law-enforcement agencies from revealing the identity of rape victims, even if they are dead and also laid down a number of guidelines in this regard. It also said that their names cannot be used at public rallies or on social media platforms.
A bench of Justices Madan B Lokur, S Abdul Nazeer and...
Reliance Communications, Aircel Merge In Largest Telecom Consolidation
NEWS WORLD INDIA | 0
September 14 , 2016 , 19:23 IST
[caption id="attachment_226067" align="aligncenter" width="700"] In the biggest consolidation deal in India's telecom sector, Reliance Communications and Aircel on Wednesday announced the merger of their wireless operations to create a combined entity with assets worth Rs 65,000 crore.[/caption]
In the biggest consolidation deal in India's telecom sector, Reliance Communications and Aircel on Wednesday announced the merger of their wireless operations to create a combined entity with assets worth Rs 65,000 crore.
RCom and Maxis Communications Berhad (MCB) hold 50 per cent each in the merged entity with equal representation on the board and committees.
The transaction will reduce RCom's debt by Rs 20,000 crore (USD 3 billion), while Aircel's debt would go down by Rs 4,000 crore (USD 600 million) on closing in 2017, the two companies said.
The merger will create India's fourth largest telecom operator by customer base and revenues. The merged entity will have the second-largest spectrum holding among all operators, aggregating 448 MHz across 850, 900, 1800 and 2100 MHz bands.
The entity will have assets of Rs 65,000 crore (USD 9.7 billion) and net worth of Rs 35,000 crore (USD 5.2 billion).
"Together with our partners, MCB, we are delighted to have taken the lead in consolidation of the Indian telecom sector, first, with RCom's acquisition of the wireless business of SSTL (Sistema/MTS), and now, with the combination of our business with Aircel in a 50:50 joint venture with MCB," Reliance Group Chairman Anil Ambani said.
This combination is expected to create substantial long term value for shareholders of both, RCom and MCB, given the benefits of the wide-ranging spectrum portfolio and significant revenue and cost synergies, he added.
"This deal further reinforces MCBs commitment to India. Since acquiring Aircel in 2006, MCB has invested in excess of Rs 35,000 crore (USD 5.2 billion) into Aircel, making this one of the largest foreign investments into India, not only in the telecom industry but across all sectors," MCB said.
RCom will continue to own and operate its high growth businesses in the domestic and global enterprise space, data centres, optic fibre and related telecom infrastructure, besides owning real estate.