Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Sistema JSFC, the Russian oil to telecom conglomerate with $34 billion of annual revenue, plans to approach the Indian government with a proposal to develop smart cities on the lines of projects it has implemented back at home.
Sistema’s global leadership team will shortly make presentations to the Prime Minister’s Office and urban development ministry on the smart cities it has developed in Moscow and other Russian cities such as Rostov, Ufa, Kazan, Smolensk and Novosibirsk, a top company official told ET.
Russian President Vladimir Putin is likely to discuss the topic with Prime Minister Narendra Modi when he visits New Delhi in December for the Indo-Russian summit, a person with knowledge of the matter said. The Russian government owns 17.3 per cent of Sistema’s Indian arm, telecom operator Sistema Shyam Teleservices, which is likely to be involved in the plans. Original post at ET Telecom