Tata Teleservices on Monday approached the TDSAT against Vodafone's notice threatening to disconnect termination of SMSes on its network over a dispute on fees. Vodafone had issued termination notice to Tata Teleservices, asking it to pay R188 crore as SMS termination fee by November 17, failing which it would disconnect the Tata group firm's SMSes from its network. During the proceedings, both the parties agreed to put the matter on November 20 for next hearing.
Voda, Telenor to gain from 2G auction: Moodys
Global credit rating agency Moody's Investor Service said the recently concluded 2G spectrum auctions outcome is credit positive for Telenor because it will add to Telenors market share in India, which was just under 10% at the end of September. The auction is also credit positive for Vodafone because the additional spectrum will help enhance its coverage in India. However, the agency said regulatory risk for both companies in India is substantial as regulators have been unpredictable and volatile in the past.interconnection of TTSL 's SMSes from its network till the next date of hearing.
PE firms invested $2.5 bn in July-Sept: PwC survey
Private equity firms have invested $2.5 billion in the country in the July-September quarter this year, a tad higher than the year ago period, says a PwC survey. According to the PwC MoneyTree India report, a quarterly study of private equity investment activity based on data by Venture Intelligence, private equity PE firms invested USD 2.5 billion across 97 deals in Q3 of 2012, against USD 2.4 billion from 121 deals a year ago.
LG Balakrishnan buys US-based firm for $5.5 mn
LG Balakrishnan & Bros informed the stock exchanges on Monday that its US-based subsidiary company LGB USA has acquired 100% of the shares of GFM Inc, located in Detroit Michigan, for a consideration of approximately $5.5 million. Detroit Michigan had posted a turnover of $15 million in the previous financial year.
Easun Reyrolle to raise R100 cr via pvt placement
Easun Reyrolle said its board accorded approval to raise funds not exceeding R100 crore by way of and including, private placement, offer to QIBs and Right offer. The company posted a first quarter net profit of R1.73 crore, compared with a net loss of R1.66 crore for the quarter ended June 30.
Arvind Remedies to get Chennai unit registered
Arvind Remedies has decided to get its Irungatukottai unit near Chennai registered as US FDA project. This follows an offer received from Vensun Pharmaceuticals of the US for marketing and development of latter's products at the proposed USFDA registered plant. The board has signed an MoU with Vensun to finalise the terms and conditions for development and supply of new products to the US company.
Gamesa to build wind power project for SJVN
Gamesa Wind Turbines has signed an engineering, procurement and construction contract to build and maintain a 47.60-MW wind farm for SJVN in Ahmednagar district in Maharashtra. SJVN is a mini ratna PSU and a joint venture between the Centre and the Himachal Pradesh government. The contract includes installation of 56 units of Gamesa G58-850 kW turbines and a 10-year operation and maintenance (O&M) services contract.
Future Capital is now Capital First
Financial services firm Future Capital Holdings said the company's name has been changed to Capital First. The company said it has received approval from the registrar of companies, Mumbai, Maharashtra and from other regulatory authorities.
Airtel completes network transformation in Africa
Bharti Airtel has completed a network transformation programme across its mobile operations in 16 African countries in partnership with Ericsson. The programme involved upgradation and expansion of network elements on all of Airtel's African operations, including switching, radio, network management, data,charging, and consumer-services platforms and systems, the company said in a statement.
Dr Reddys launches Sildenafil tablets
Pharma major Dr Reddy's Laboratories has launched Sildenafil tablets, abioequivalent generic version of Revatio (Sildenafil) tablets in the US market. This followed the approval by the United States Food & Drug Administration (USFDA) of Dr Reddy's ANDA for Sildenafil tablets. The Revatio brand had US sales of approximately $338.67 million for the most recent twelve months ending September 2012, according to IMS Health.