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…
Idea Cellular who recently agreed to buy 5 Mhz spectrum in Gujarat and UP-W from Videocon for INR 33.1 billion said, the deal to be viewed as a one-time event and the company is not planning to strike similar deals. By adding two more circles to its bucket, idea can now offer 4G services in 12 circles. The company is willing to wait for spectrum auctions to pick up spectrum in potential circles (Delhi, Gujarat, Kolkata, Mumbai and Rajasthan).
“Spectrum spends from hereon would be discretionary. We had a compulsion to buy as we are in a leadership position in these two circles. We were clear we wanted these two circles, but we will wait for the auction to happen for the rest of the circles.” said, Ambrish Jain, Deputy Chief Executive, Idea.
“This transaction should not be seen as anything else we can pay in auctions. These circles were critical as they are leadership circles. Having completed our footprint in all leadership circles, no other circle has a time criticality and we can wait for auctions to happen.” Said, Akshaya Moondra, Chief Financial Officer, Idea. Read more