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Business Standard
7 days ago
- Business
- Business Standard
Airtel in talks with govt on AGR dues-to-equity conversion: Gopal Vittal
Bharti Airtel continues to be in discussions with the Centre on converting its adjusted gross revenue (AGR) dues into equity, vice-chairman and managing director Gopal Vittal said, while seeking parity with other telecom companies. 'We have written to the government to be extended the same relief as any other telco, and that is a decision the government has to take. We will abide by whatever decision they take,' the top executive at the Sunil Mittal-promoted telecom services provider said during the earnings call for the quarter ended June 2025. The country's second-largest telecom operator has asked the Department of Telecommunications to convert its AGR dues of nearly Rs 40,000 crore into equity, on the same lines as Vodafone Idea, where the government took about a 49 per cent stake by converting Rs 36,950 crore worth of AGR dues. This was part of the telecom sector relief package issued in September 2021, which also provided all carriers a four-year moratorium on spectrum payments. Airtel has said that the conversion would give the government a 3–4 per cent stake in the company. AGR payments to the government will resume in March 2026. Vittal added that Airtel was prepared to meet its payment obligations. 'To that extent, we have the room to make whatever payments are required on the overall strength of the balance sheet, because the debt position is getting better, and there is a lot of free cash that will get generated over time,' he said. Airtel's free cash flow stood at Rs xxx crore as of June end. The executive added that the company will raise dividends and expand its cloud, security, and data centre businesses as leverage declines. Airtel's debt fell to Rs 1.2 trillion in the June quarter, from Rs 1.9 trillion in the previous quarter. On opportunities to monetise assets, Vittal said public listings of Airtel Payments Bank and Airtel Money — its Africa-based financial services arm — are already in the works. The company could also consider listing its Nxtra data centre business, as well as divesting its 28 per cent stake in telecom operators in Bangladesh and 11 per cent in Dialog, Sri Lanka, over the next three to four years. However, Harjeet Kohli, joint managing director, Bharti Enterprises, noted that while the decisions to list Airtel Money and Airtel Payments Bank have been taken, there is no mandate or compulsion to list Nxtra. 'Our intent continues to be owning all of these businesses, but for the stakes in South Asia,' he said. Vittal also called for a repair in tariff structures, where higher usage could merit higher tariffs, in contrast to current plans that provide large data and voice allowances at some of the lowest prices in the world. 'The real issue is that people who can afford to pay are paying less, while the poor don't need to be charged more,' he added. With more than 152 million 5G customers, the telco expects numbers to rise as 5G smartphones become more affordable and see greater adoption at the lower end of the market. On Tuesday, Airtel reported a 43 per cent year-on-year increase in consolidated net profit at about Rs 5,948 crore for the first quarter of FY26, while consolidated revenue for the period stood at about Rs 49,463 crore, up 28.4 per cent Y-o-Y. Net income from Indian operations stood at Rs 5,292 crore, up from Rs 4,183.2 crore in the same period last year. Revenues rose to Rs 37,584 crore from Rs 32,484 crore in the year-ago period. The average revenue per user (ARPU), a key growth indicator for telecom companies, increased to about Rs 250 from about Rs 211 in the same period last year, remaining the highest among peers.
Time of India
08-06-2025
- Business
- Time of India
INSCO to submit improved resolution plan for Hindusthan National Glass
The Supreme Court approved bidder Independent Sugar Corp ( INSCO ) will submit to lenders an improved resolution plan for Hindusthan National Glass (HNG), the country's largest maker of glass bottles, said people aware of the development. The Africa-based bidder will offer ₹356 crore over and above it offered to pay earlier, they said. EY-backed resolution professional Girish Juneja will invite a committee of creditors (CoC) to vote on the revised INSCO plan after vetting it. As per the Supreme Court's order, only the INSCO plan will be put for voting, said the people. INSCO is owned by the Madhvani Group , a conglomerate based in Uganda. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop In Uttar Pradesh - Watch What Happens Happy in Shape Undo Somewhat similar to Bhushan Power and Steel, it is among the rare cases wherein the apex court has rejected a plan after it had been approved by the CoC. At the heart of the matter is a Supreme Court ruling that rejected a CoC approved plan given by AGI Greenpac because it did not adhere to the terms of the request for proposal. AGI Greenpac, which gave a higher offer than rival bidder INSCO, failed to get requisite approval from the Competition Commissioner of India (CCI) before the plan was approved by the CoC. It received a conditional approval from the CCI after lenders had voted on the plan. Live Events While rejecting a review petition filed by AGI Greenpac, the Supreme Court directed INSCO to match the offer given by AGI Greenpac and directed the resolution professional to complete the resolution process involving the approval of the INSCO resolution plan by the CoC, by July 2025.
Campaign ME
27-05-2025
- Entertainment
- Campaign ME
BigTime Creative Shop claims milestone Sports Emmy® win
BigTime Creative Shop has received a Sports Emmy® Award for Outstanding Promotional Announcement at the 45th Annual Sports Emmy® Awards presented by the National Academy of Television Arts & Sciences (NATAS) – a win BigTime says marks the first time a Middle East and Africa-based creative shop has taken home the honour. The award was for Obsession – Usyk 2 Fury Reignited, a stylised promotional film created for Riyadh Season's highly anticipated boxing rematch between Oleksandr Usyk and Tyson Fury. The film was conceptualised by BigTime, directed by French collective Megaforce, and produced by Riff Raff Films. Set to Kylie Minogue's Can't Get You Out of My Head, the film offers a surreal and comedic depiction of mutual obsession between the two boxers. From Fury imagining Usyk replacing his entire family to Usyk spotting Fury's face on a sausage – a nod to the fighter's infamous taunts – the film built global buzz around one of the sport's most talked-about rivalries. The campaign was part of Riyadh Season's broader strategy to cement Saudi Arabia as a global hub for major sports and entertainment events. BigTime Creative Shop has worked across sport, culture and entertainment and was recognised as the most awarded independent agency in MENA at Dubai Lynx and The One Club, and named Middle East Agency of the Year at Adfest.
Glasgow Times
07-05-2025
- Glasgow Times
William pays tribute to ‘immense sacrifices' of rangers after fatal attack
Anti-poaching scouts Domingos Daude and Fernando Paolo Wirsone were killed in the attack in the Niassa Special Reserve last week, according to William's United for Wildlife (UFW) organisation – which combats the illegal trafficking of animals. Ranger Mario Cristovao was injured and a further two scouts remain unaccounted for. This attack is yet another brutal reminder of the immense sacrifices made by those protecting our natural world. The reality is that being a ranger has become one of the most dangerous jobs on the planet. My thoughts are with all those affected and their families. W — The Prince and Princess of Wales (@KensingtonRoyal) May 7, 2025 In a personally signed message on X, William called their jobs 'one of the most dangerous' in the world. 'This attack is yet another brutal reminder of the immense sacrifices made by those protecting our natural world,' he said. 'The reality is that being a ranger has become one of the most dangerous jobs on the planet. 'My thoughts are with all those affected and their families. W' He reposted a UFW statement which said: 'Our heartfelt condolences go to the families and colleagues of Domingos and Fernando as well as the severely injured scout Mario Cristovao who we hope makes a full recovery. 'Our thoughts are also with the families of the two scouts that remain unaccounted for, we pray for their safe return and know the team in Niassa are doing everything possible to find them. 'Rangers are on the frontline of nature protection, and these devastating acts of violence are a stark reminder of the grave danger these individuals face on a daily basis. 'This highlights the critical need to increase our efforts to support the crucial work of nature's guardians.' In November last year, the prince announced a new life insurance cover for rangers who safeguard Africa's wildlife. In his keynote speech at the UFW summit, William described the workers as 'guardians of our planet's most precious resources' as he outlined the five-year Ranger Welfare and Standards Initiative, providing 10,000 rangers working across Africa with access to the financial scheme. He said: 'Rangers are fundamental if we are to meet our global conservation targets for 2030 and prevent the dangerous tipping points that threaten our planet. 'These people do far more than protect wildlife. They are educators. They are community supporters. And they help regulate the sustainable use of natural resources.' The future king is royal patron of the Africa-based wildlife charity Tusk Trust and in 2022 he paid tribute to 'committed and brave' ranger Anton Mzimba who was shot and killed outside his home that year.
Yahoo
07-05-2025
- Yahoo
William pays tribute to ‘immense sacrifices' of rangers after fatal attack
The Prince of Wales has paid tribute to rangers and the 'immense sacrifices' they make to safeguard nature after two scouts died in an attack in a Mozambique reserve. Anti-poaching scouts Domingos Daude and Fernando Paolo Wirsone were killed in the attack in the Niassa Special Reserve last week, according to William's United for Wildlife (UFW) organisation – which combats the illegal trafficking of animals. Ranger Mario Cristovao was injured and a further two scouts remain unaccounted for. This attack is yet another brutal reminder of the immense sacrifices made by those protecting our natural world. The reality is that being a ranger has become one of the most dangerous jobs on the planet. My thoughts are with all those affected and their families. W — The Prince and Princess of Wales (@KensingtonRoyal) May 7, 2025 In a personally signed message on X, William called their jobs 'one of the most dangerous' in the world. ADVERTISEMENT 'This attack is yet another brutal reminder of the immense sacrifices made by those protecting our natural world,' he said. 'The reality is that being a ranger has become one of the most dangerous jobs on the planet. 'My thoughts are with all those affected and their families. W' He reposted a UFW statement which said: 'Our heartfelt condolences go to the families and colleagues of Domingos and Fernando as well as the severely injured scout Mario Cristovao who we hope makes a full recovery. 'Our thoughts are also with the families of the two scouts that remain unaccounted for, we pray for their safe return and know the team in Niassa are doing everything possible to find them. 'Rangers are on the frontline of nature protection, and these devastating acts of violence are a stark reminder of the grave danger these individuals face on a daily basis. ADVERTISEMENT 'This highlights the critical need to increase our efforts to support the crucial work of nature's guardians.' In November last year, the prince announced a new life insurance cover for rangers who safeguard Africa's wildlife. In his keynote speech at the UFW summit, William described the workers as 'guardians of our planet's most precious resources' as he outlined the five-year Ranger Welfare and Standards Initiative, providing 10,000 rangers working across Africa with access to the financial scheme. He said: 'Rangers are fundamental if we are to meet our global conservation targets for 2030 and prevent the dangerous tipping points that threaten our planet. 'These people do far more than protect wildlife. They are educators. They are community supporters. And they help regulate the sustainable use of natural resources.' The future king is royal patron of the Africa-based wildlife charity Tusk Trust and in 2022 he paid tribute to 'committed and brave' ranger Anton Mzimba who was shot and killed outside his home that year.
