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New Indian Express
2 days ago
- Business
- New Indian Express
Ericsson sells 0.6% stake in Vi through Rs 428.43 crore bulk deal
Ericsson India on Tuesday sold a 0.6% stake in Vodafone Idea (Vi) via a bulk deal worth Rs 428.43 crore. The company offloaded 63.37 crore shares in Vi at Rs 6.76 apiece. However, the details of the buyers have not been disclosed yet. This marks the second such transaction in recent weeks as in April, Nokia Solutions and Networks India Pvt Ltd had sold its 0.95% stake in Vi through a similar bulk deal. The Finnish-based telecom gear maker raised Rs 785.67 crore by selling 102.7 crore shares at Rs 7.65 each to marquee global investment banks, including Goldman Sachs, among others. Earlier in 2024, Vodafone Idea had allotted 63.37 crore shares to Ericsson at Rs 14.80 per share and 102.7 crore shares to Nokia at the same price through a preferential issue, aimed at clearing outstanding vendor dues. As a result, Nokia and Ericsson acquired 1.47% and 0.9% stakes in Vi, respectively. The preferential issue was part of Vi's plan to raise up to Rs 2,458 crore from its vendors to partially settle pending obligations. Recently, the government recently converted Rs 36,950 crore of Vodafone Idea's outstanding spectrum dues into equity, increasing its stake in the telco from 22.6% to 49%.
The Advertiser
28-05-2025
- Business
- The Advertiser
Further drama for troubled new Bass Strait ferries
Two new Bass Strait ferries plagued by delivery delays and cost blowouts have hit further trouble, with technical issues identified on both ships. The Spirit of Tasmania vessels aren't expected to be in service until late 2026, years behind schedule because of a failure to build a berth for the ships. Spirit IV has been sitting in Scotland since December, while Spirit V is being put through sea trials by its Finnish-based shipbuilder. Technical issues on both ships in relation to their liquefied natural gas systems have been identified, the Tasmanian government said on Wednesday. The issue was discovered as part of Spirit V sea trials, Transport Minister Eric Abetz said. Spirit IV was due to leave Scotland for Hobart on Monday, to undergo its final fit-out, but it will now remain there indefinitely for further assessment and repairs. "The government is awaiting further details in relation to a new expected departure date (from Scotland)," Mr Abetz said. "It is understood that this work will take some time. The ship will be relocated to Hobart as soon as possible for final fit-out." Repair costs will be covered under warranty with shipbuilder RMC, Mr Abetz said. Delivery of the two larger vessels, which cost more than $900 million, has been dubbed one of the greatest infrastructure stuff-ups in Australia's history. The ships were due to be delivered to Tasmania in late 2024, but required berth upgrades at Devonport aren't expected to be finished until late 2026. Industry and tourism bodies keenly awaiting greater capacity of the new ships have lashed the government for their handling of the project. The saga forced Tasmania's deputy premier Michael Ferguson to relinquish his portfolios and prompted resignations at government businesses in charge of the ships. Projected costs for the Devonport berth in May rose from $375 million to $493 million, well beyond the initial $90 million estimate. Two new Bass Strait ferries plagued by delivery delays and cost blowouts have hit further trouble, with technical issues identified on both ships. The Spirit of Tasmania vessels aren't expected to be in service until late 2026, years behind schedule because of a failure to build a berth for the ships. Spirit IV has been sitting in Scotland since December, while Spirit V is being put through sea trials by its Finnish-based shipbuilder. Technical issues on both ships in relation to their liquefied natural gas systems have been identified, the Tasmanian government said on Wednesday. The issue was discovered as part of Spirit V sea trials, Transport Minister Eric Abetz said. Spirit IV was due to leave Scotland for Hobart on Monday, to undergo its final fit-out, but it will now remain there indefinitely for further assessment and repairs. "The government is awaiting further details in relation to a new expected departure date (from Scotland)," Mr Abetz said. "It is understood that this work will take some time. The ship will be relocated to Hobart as soon as possible for final fit-out." Repair costs will be covered under warranty with shipbuilder RMC, Mr Abetz said. Delivery of the two larger vessels, which cost more than $900 million, has been dubbed one of the greatest infrastructure stuff-ups in Australia's history. The ships were due to be delivered to Tasmania in late 2024, but required berth upgrades at Devonport aren't expected to be finished until late 2026. Industry and tourism bodies keenly awaiting greater capacity of the new ships have lashed the government for their handling of the project. The saga forced Tasmania's deputy premier Michael Ferguson to relinquish his portfolios and prompted resignations at government businesses in charge of the ships. Projected costs for the Devonport berth in May rose from $375 million to $493 million, well beyond the initial $90 million estimate. Two new Bass Strait ferries plagued by delivery delays and cost blowouts have hit further trouble, with technical issues identified on both ships. The Spirit of Tasmania vessels aren't expected to be in service until late 2026, years behind schedule because of a failure to build a berth for the ships. Spirit IV has been sitting in Scotland since December, while Spirit V is being put through sea trials by its Finnish-based shipbuilder. Technical issues on both ships in relation to their liquefied natural gas systems have been identified, the Tasmanian government said on Wednesday. The issue was discovered as part of Spirit V sea trials, Transport Minister Eric Abetz said. Spirit IV was due to leave Scotland for Hobart on Monday, to undergo its final fit-out, but it will now remain there indefinitely for further assessment and repairs. "The government is awaiting further details in relation to a new expected departure date (from Scotland)," Mr Abetz said. "It is understood that this work will take some time. The ship will be relocated to Hobart as soon as possible for final fit-out." Repair costs will be covered under warranty with shipbuilder RMC, Mr Abetz said. Delivery of the two larger vessels, which cost more than $900 million, has been dubbed one of the greatest infrastructure stuff-ups in Australia's history. The ships were due to be delivered to Tasmania in late 2024, but required berth upgrades at Devonport aren't expected to be finished until late 2026. Industry and tourism bodies keenly awaiting greater capacity of the new ships have lashed the government for their handling of the project. The saga forced Tasmania's deputy premier Michael Ferguson to relinquish his portfolios and prompted resignations at government businesses in charge of the ships. Projected costs for the Devonport berth in May rose from $375 million to $493 million, well beyond the initial $90 million estimate. Two new Bass Strait ferries plagued by delivery delays and cost blowouts have hit further trouble, with technical issues identified on both ships. The Spirit of Tasmania vessels aren't expected to be in service until late 2026, years behind schedule because of a failure to build a berth for the ships. Spirit IV has been sitting in Scotland since December, while Spirit V is being put through sea trials by its Finnish-based shipbuilder. Technical issues on both ships in relation to their liquefied natural gas systems have been identified, the Tasmanian government said on Wednesday. The issue was discovered as part of Spirit V sea trials, Transport Minister Eric Abetz said. Spirit IV was due to leave Scotland for Hobart on Monday, to undergo its final fit-out, but it will now remain there indefinitely for further assessment and repairs. "The government is awaiting further details in relation to a new expected departure date (from Scotland)," Mr Abetz said. "It is understood that this work will take some time. The ship will be relocated to Hobart as soon as possible for final fit-out." Repair costs will be covered under warranty with shipbuilder RMC, Mr Abetz said. Delivery of the two larger vessels, which cost more than $900 million, has been dubbed one of the greatest infrastructure stuff-ups in Australia's history. The ships were due to be delivered to Tasmania in late 2024, but required berth upgrades at Devonport aren't expected to be finished until late 2026. Industry and tourism bodies keenly awaiting greater capacity of the new ships have lashed the government for their handling of the project. The saga forced Tasmania's deputy premier Michael Ferguson to relinquish his portfolios and prompted resignations at government businesses in charge of the ships. Projected costs for the Devonport berth in May rose from $375 million to $493 million, well beyond the initial $90 million estimate.
Perth Now
28-05-2025
- Business
- Perth Now
Further drama for troubled new Bass Strait ferries
Two new Bass Strait ferries plagued by delivery delays and cost blowouts have hit further trouble, with technical issues identified on both ships. The Spirit of Tasmania vessels aren't expected to be in service until late 2026, years behind schedule because of a failure to build a berth for the ships. Spirit IV has been sitting in Scotland since December, while Spirit V is being put through sea trials by its Finnish-based shipbuilder. Technical issues on both ships in relation to their liquefied natural gas systems have been identified, the Tasmanian government said on Wednesday. The issue was discovered as part of Spirit V sea trials, Transport Minister Eric Abetz said. Spirit IV was due to leave Scotland for Hobart on Monday, to undergo its final fit-out, but it will now remain there indefinitely for further assessment and repairs. "The government is awaiting further details in relation to a new expected departure date (from Scotland)," Mr Abetz said. "It is understood that this work will take some time. The ship will be relocated to Hobart as soon as possible for final fit-out." Repair costs will be covered under warranty with shipbuilder RMC, Mr Abetz said. Delivery of the two larger vessels, which cost more than $900 million, has been dubbed one of the greatest infrastructure stuff-ups in Australia's history. The ships were due to be delivered to Tasmania in late 2024, but required berth upgrades at Devonport aren't expected to be finished until late 2026. Industry and tourism bodies keenly awaiting greater capacity of the new ships have lashed the government for their handling of the project. The saga forced Tasmania's deputy premier Michael Ferguson to relinquish his portfolios and prompted resignations at government businesses in charge of the ships. Projected costs for the Devonport berth in May rose from $375 million to $493 million, well beyond the initial $90 million estimate.
