The tax demand constitutes a significant portion of Samsung’s net profit in India, which stood at $955 million last year. (AFP Photo) India’s tax authorities have demanded Samsung and its local executives to pay $601 million as back taxes and penalties for allegedly evading tariffs whilst importing essential telecommunications equipment, a Reuters report says. This … Read more
In surprise announcements, Airtel first, followed by Jio have signed deals with Elon Musk’s Starlink for high speed internet in India. Starlink’s low orbit satellite based technology provides direct internet access from space, bypassing the need for extensive ground infrastructure. It can provide speeds of up to 220 Mbps, making it a viable solution for … Read more
Indian Continent Investment Limited (ICIL), a promoter-group entity of Bharti Airtel Limited, has today sold 0.84% shareholding (5.11 Cr shares) in Airtel through a market transaction, for an aggregate amount of Rs 8,485.11 Cr. Bharti Telecom Limited (BTL), the promoter of Airtel, anchored the trade by acquiring 1.20 Cr. shares (24% of ICIL’s sale) This … Read more
Apple maintained double-digit growth in India, mirroring the company’s strong results in other emerging markets like Mexico, Brazil, and the Middle East. Apple India’s revenue rose 36% to Rs 67,122 crore ($8 billion) in FY24 compared to the year-ago period. Its net profit rose 23% to Rs 2,746 crore during the same time, Tofler data … Read more
As per speculation reports in most newspapers, Reliance is getting set for the telecom business IPO in 2025. Retail is rumoured to target later. Company has not officially confirmed this and has chosen not to respond. Telecom and Retail IPOs are much awaited developments from Reliance. In 2019, Reliance had informed to target for both … Read more
Recently, Supreme Court had dismissed pleas by Indian telecom operators to re-compute Adjusted Gross Revenue (AGR) dues. The companies had sought corrections in the AGR calculations, a penalty reduction, and interest rate adjustments. This resulted in significant implications specifically for Vodafone Idea (VIL), whose burden has now increased to Rs 70,320 cr as of FY24. … Read more
Foxconn, a major global electronics contract manufacturer, has received offers from multiple states in India to establish large-scale industrial facilities. Telangana has proposed providing 2,000 acres for a ‘Foxconn City’, similar to the company’s existing sites in Taiwan and China, according to Duddilla Sridhar Babu, the state’s IT and industries minister. Additionally, sources told ET … Read more
Apple Inc is poised to report a 35 per cent year-on-year surge in its India revenue at nearly Rs 67,000 crore (a little over $8 billion) for 2023-24, according to people in the know. The official financial filing is anticipated to be submitted by September-October to the Registrar of Companies (RoC) by the Cupertino-based tech … Read more
British telecom major has sold stake through block deals. It has raised Rs 15,300 from the stake sale Vodafone Plc’s stake in Indus Towers has consequently decreased from 21.5% to 3.1%. Bharti Airtel has also announced acquiring additional 1% stake from market, increasing it’s stake in the Company to around 49%. Proceeds from the sale … Read more