While branches in Mumbai were open as the transport system was not impacted by the strike, the business was thin
Mumbai: Banks witnessed thin business in the nation's financial capital on Thursday following the nationwide bandh called by the National Democratic Alliance (NDA) and Left parties against the steep hike in petrol prices last week, reports PTI.
While branches were open as the city transport system was not impacted by the strike, the banking district in the city's southern periphery witnessed low business because there was a near-total compliance to the bandh call by traders and other commercial establishments.
Spokespersons of many leading banks said it was too early to assess the impact on their business and there was no problem with attendance.
"We have asked our circle heads to report with details, which is expected by late afternoon," an official with the State Bank of India's industrial relations department said.
A Corporation Bank official said although there was no staff drop-out, business was dull.
Private banks said while there was no problem with attendance, there can be a few forced shut-downs at some pockets in the city, but they have not heard anything so far.
However, they also said business was dull.
Following the cancellation of Uninor's licences, Telenor is planning to set up a new company with new partner, which would participate in fresh auction for spectrum
New Delhi: Norwegian company Telenor on Thursday said it is in discussions to rope in a new partner for its telecom business in India before the government auctions the spectrum, reports PTI.
The company's Indian unit Uninor suffered a major setback after 22 of its licences were cancelled by the Supreme Court in February in the 2G spectrum allocation case.
While cancelling 122 licences in all of various telecom operators, the apex court ordered the government to conduct a fresh spectrum auction, where Telenor intends to participate with a new partner.
"We are in active discussions for partners with handful of people," Telenor Executive Vice President and Head of Region Asia Sigve Brekke told reporters.
Telenor operates a telecom services joint venture 'Uninor' in India with real estate major Unitech. It holds over 67% stake in Uninor, while the rest is with the Indian partner.
Following the cancellation of Uninor's licences, Telenor had said it planned to set up a new company for.
It had also sought damages from Unitech accusing it of "fraud and misrepresentation" of facts based on which it had invested over Rs6,000 crore in the joint venture.
"I am quite optimistic that we will part with all these issues prior to the auction dates. The day we go into that auction, we need to have established a new company, which has transfered assets, a company with a new partner and the old partner is out. All this needs to be in place before the auctions," he said.
Brekke added that new partner may have 26% share in the new entity, as Indian rules allow foreign companies to own a maximum of 74% stake in a telecom venture.
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