Airtel shareholders approve selling DCMS biz for Rs 177 cr

Bharti Airtel owns seven operational data centres across the country. (Reuters)Bharti Airtel owns seven operational data centres across the country. (Reuters)

SummaryBharti Airtel owns seven operational data centres across the country.

Bharti Airtel's shareholders have approved a proposal for selling the company's Data Centre and Managed Services business to its wholly-owned subsidiary Nxtra Data for about Rs 177 crore.

SingTel to raise effective stake in Bharti Airtel to 32.34%

The company in a filing to the BSE today said that shareholders passed the resolution with "overwhelming majority".

Vodafone may have to sell $1 billion Bharti Airtel stake under licence rules

"Slump sale of Data Centre and Managed Services Business to Nxtra Data Limited, a wholly owned subsidiary of Bharti Airtel Limited ... passed with overwhelming majority," the company said.

The country's largest telecom company in August has said that it will seek shareholders' approval for sale or transfer of its DCMS business "for a consideration not less than Rs 1,771 million."

"The transfer consideration has been arrived at on the basis of enterprise value of the DCMS business after reducing the liabilities in relation to the said business," it had said.

Bharti Airtel owns seven operational data centres across the country. Out of them, two are in Noida, one each in Chennai, Bangalore, Pune, Bhubaneswar and Mumbai.

The company's board of directors approved the transaction during their meeting held on July 30.

In this regard, Bharti Airtel had also entered into a Memorandum of Understanding with Nxtra Data Ltd.

"Due to the increasing awareness and acceptance of key products such as co-location, managed hosting and managed security, the demand of DCMS is continually evolving in the country.

DCMS division offers a gamut of services, including co-location, managed services and managed back-up & storage.

Shares of the company today closed at Rs 318.25 a unit, down by 2.11 per cent at BSE.

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Airtel shareholders approve selling DCMS biz for Rs 177 cr

Bharti Airtel owns seven operational data centres across the country. (Reuters)Bharti Airtel owns seven operational data centres across the country. (Reuters)

SummaryBharti Airtel owns seven operational data centres across the country.

Bharti Airtel's shareholders have approved a proposal for selling the company's Data Centre and Managed Services business to its wholly-owned subsidiary Nxtra Data for about Rs 177 crore.

SingTel to raise effective stake in Bharti Airtel to 32.34%

The company in a filing to the BSE today said that shareholders passed the resolution with "overwhelming majority".

Vodafone may have to sell $1 billion Bharti Airtel stake under licence rules

"Slump sale of Data Centre and Managed Services Business to Nxtra Data Limited, a wholly owned subsidiary of Bharti Airtel Limited ... passed with overwhelming majority," the company said.

The country's largest telecom company in August has said that it will seek shareholders' approval for sale or transfer of its DCMS business "for a consideration not less than Rs 1,771 million."

"The transfer consideration has been arrived at on the basis of enterprise value of the DCMS business after reducing the liabilities in relation to the said business," it had said.

Bharti Airtel owns seven operational data centres across the country. Out of them, two are in Noida, one each in Chennai, Bangalore, Pune, Bhubaneswar and Mumbai.

The company's board of directors approved the transaction during their meeting held on July 30.

In this regard, Bharti Airtel had also entered into a Memorandum of Understanding with Nxtra Data Ltd.

"Due to the increasing awareness and acceptance of key products such as co-location, managed hosting and managed security, the demand of DCMS is continually evolving in the country.

DCMS division offers a gamut of services, including co-location, managed services and managed back-up & storage.

Shares of the company today closed at Rs 318.25 a unit, down by 2.11 per cent at BSE.

Copyright © The Indian Express ltd. All Rights Reserved.

2G scam: Govt has its way in JPC approving the draft report

Of the total 30 members in the committee, three members, including one from BJP, were absent. ReutersOf the total 30 members in the committee, three members, including one from BJP, were absent. Reuters

SummaryOf the total 30 members in the committee, three members, including one from BJP, were absent.

Government today managed to have its way in the Joint Parliamentary Committee on 2G scam when the panel approved the draft report giving a clean chit to Prime Minister Manmohan Singh and Finance Minister P Chidambaram with a 16-11 vote in its favour.

Outside allies BSP (2) and SP (one), voted with 14 others of the ruling coalition to approve the report that accused former Telecom Minister A Raja of "misleading" the Prime Minister and "belying" the assurances given to him.

2G scam: As Tina Ambani washes hands off Reliance ADAG, her 'bouncers' attack media

JPC Chairman P C Chacko told reporters after the meeting that all those who voted against the draft report would be given 15 days to file their dissent report.

2G scam: Court asks Sunil Mittal, Ravi Ruia to get clarification from Supreme Court

Of the total 30 members in the committee, three members, including one from BJP, were absent. Of the 27 present, the ruling side got the votes of Congress (11), NCP (one), BSP (2), SP (1) and Nominated member Ashok Ganguly.

Attacking the outcome, BJP leader and member of the committee Yashwant Sinha said a contrived majority has been "unashamedly" used to adopt a report based on "wrong facts, falsehood and prejudicial" findings without the consideration of the Committee.

The Opposition votes were made up of BJP's 5 and one each of BJD, TMC, CPI, CPI(M), AIADMK and DMK.

The draft report of the JPC also rubbishes the loss figure of Rs 1.76 lakh crore estimated by CAG, saying it was "ill-conceived".

The report, which was circulated among members in April also accuses Raja of forging the press note of January 7, 2008 after it was seen by the then Solicitor General G E Vahanvati.

"The Committee wish to point out that the procedure" regarding the First-Come-First-Served (FCFS) criteria was a "misrepresentation of facts and in tactic deviation from the existing procedure," it says.

While giving sequence of events leading to allocation of 2G spectrum, the report says, "the Committee are inclined to conclude that the Prime Minister was misled about the procedure decided

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Copyright © The Indian Express ltd. All Rights Reserved.

2G scam: Govt has its way in JPC approving the draft report

Of the total 30 members in the committee, three members, including one from BJP, were absent. ReutersOf the total 30 members in the committee, three members, including one from BJP, were absent. Reuters

SummaryOf the total 30 members in the committee, three members, including one from BJP, were absent.

Government today managed to have its way in the Joint Parliamentary Committee on 2G scam when the panel approved the draft report giving a clean chit to Prime Minister Manmohan Singh and Finance Minister P Chidambaram with a 16-11 vote in its favour.

Outside allies BSP (2) and SP (one), voted with 14 others of the ruling coalition to approve the report that accused former Telecom Minister A Raja of "misleading" the Prime Minister and "belying" the assurances given to him.

2G scam: As Tina Ambani washes hands off Reliance ADAG, her 'bouncers' attack media

JPC Chairman P C Chacko told reporters after the meeting that all those who voted against the draft report would be given 15 days to file their dissent report.

2G scam: Court asks Sunil Mittal, Ravi Ruia to get clarification from Supreme Court

Of the total 30 members in the committee, three members, including one from BJP, were absent. Of the 27 present, the ruling side got the votes of Congress (11), NCP (one), BSP (2), SP (1) and Nominated member Ashok Ganguly.

Attacking the outcome, BJP leader and member of the committee Yashwant Sinha said a contrived majority has been "unashamedly" used to adopt a report based on "wrong facts, falsehood and prejudicial" findings without the consideration of the Committee.

The Opposition votes were made up of BJP's 5 and one each of BJD, TMC, CPI, CPI(M), AIADMK and DMK.

The draft report of the JPC also rubbishes the loss figure of Rs 1.76 lakh crore estimated by CAG, saying it was "ill-conceived".

The report, which was circulated among members in April also accuses Raja of forging the press note of January 7, 2008 after it was seen by the then Solicitor General G E Vahanvati.

"The Committee wish to point out that the procedure" regarding the First-Come-First-Served (FCFS) criteria was a "misrepresentation of facts and in tactic deviation from the existing procedure," it says.

While giving sequence of events leading to allocation of 2G spectrum, the report says, "the Committee are inclined to conclude that the Prime Minister was misled about the procedure decided

More from Economy

Copyright © The Indian Express ltd. All Rights Reserved.

Prem Watsa’s Fairfax seeks $1 bn equity for BlackBerry Limited deal

Fairfax and BlackBerry could not be reached immediately for comment. APFairfax and BlackBerry could not be reached immediately for comment. AP

SummaryPrem Watsa has personally contacted several Canadian, US pension and private-equity funds.

Fairfax Financial Holdings Ltd is seeking more than $1 billion in equity investments from institutional investors to back its preliminary $4.7 billion plan to acquire BlackBerry Limited, the Globe and Mail reported on Wednesday.

BlackBerry Limited: BlackBuried

Citing unnamed people familiar with the discussions, the Canadian newspaper said Fairfax Chief Executive Prem Watsa has personally contacted several leading Canadian and U.S. pension and private-equity funds to win support for the bid to buy the struggling smartphone maker.

BlackBerry Limited slashes Z10 price to Rs 29,990 in India

The sources said that as of Tuesday only one pension fund, the Ontario Teachers' Pension Plan, was seriously considering joining a takeover consortium. Teachers declined to comment on the report.

Skepticism about the Fairfax bid appeared to be mounting on Wednesday, with BlackBerry shares falling almost 4 percent to $8.20 on the Nasdaq, well below the $9-a-share offer price. In Toronto the stock was also down about 4 percent at C$8.43.

The Globe and Mail said Watsa was pitching the acquisition as a leveraged buyout that would be financed with more than $3 billion in bank loans, $1 billion in equity from institutions and Fairfax's nearly 10 percent stake in BlackBerry.

If it falls short of raising the equity to help finance the potential takeover, the Globe said Fairfax intends to arrange a short-term bridge loan that could be repaid with BlackBerry's cash holdings of about $2.6 billion.

Fairfax and BlackBerry could not be reached immediately for comment.

Fairfax's proposal was announced on Monday. BlackBerry, which put itself on the block in August, warned last Friday of dropping sales, a big operating loss and job cuts.

If the bid succeeds, it is seen as giving BlackBerry some breathing room, but would not necessarily solve the problems that have pushed the smartphone maker into a corner.

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