Kavveri Telecom to offer wireless solutions

Kavveri Telecom Infrastructure has signed 10 years agreement with the 8th operator for building wireless solutions

Wireless subsystem manufacturer Kavveri Telecom Products Ltd under its subsidiary Kavveri Telecom Infrastructure Ltd has signed a long-term agreement for 10 years with the eighth operator for building wireless solutions. This agreement will provide a substantial long-term revenue source for Kavveri Telecom Infrastructure Ltd.

Kavveri Telecom Products Ltd is currently a leading manufacturer of RF products & antennas in India. Kavveri Telecom Products will supply the products to Kavveri Telecom Infrastructure as per the agreements with customers.

The enormous amount of efforts spent on its R&D over the last several years and the new manufacturing facility set up in Jigani, Bangalore is now reaping rewards for the company. Kavveri Telecom is currently endeavouring to procure orders from overseas markets with an end aim to be a global manufacturing hub for its products in India.

Shivakumar Reddy, managing director, Kavveri Telecom Products said that, "Given the high costs of setting up towers and the loss of signals within enclosed areas and to provide capacity and coverage enhancements within large buildings, in-building wireless solutions is the way forward for the operators. As pioneers and leader in this field we aim to maximise our reach."

On Monday, Kavveri Telecom Products ended 4.84% up at Rs141.95 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.11% to 16,745.35.

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L&T Construction bags orders worth Rs1,015 crore

In the commercial buildings segment, L&T Construction secured new orders valued at Rs692 crore

Larsen & Toubro Ltd has said that its construction arm L&T Construction has bagged new orders valued over Rs1,015 crore in the building & factories segment during the second quarter of financial year 2012.

In the commercial buildings segment, the company secured new orders valued at Rs692 crore from reputed clients for the development of IT campuses, and for the construction of a commercial establishment.

In the residential buildings and factories segment, L&T won new orders valued at Rs323 crore for the construction of a residential tower and additional orders from on-going projects in the factories segment.

These orders further augment the order book of the company which has already secured major design & build contracts in the sectors of airports, IT parks, commercial and residential buildings.

On Monday, Larsen & Toubro ended 3.02% down at Rs1,560.95 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.11% to 16,745.35.

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Govt clears Vodafone’s stake buy in JV with Essar

However, the FIPB has deferred decision on another request of Vodafone-Essar to "transfer of shares from resident (firm) to non-resident (entity) to carry out the activities relating to telecommunication"

New Delhi: The plea of UK-based telecom operator Vodafone to buy 5.48% stake in the joint venture-Vodafone-Essar-from two Mauritius based entities has been approved, reports PTI.

"Since the transaction is between non-resident (firms) to non-resident, there is no foreign equity inflow," the finance ministry said in a statement.

The transaction is for transfer of shares of Vodafone Essar from Mauritius based Essar Communications and Essar Com to Euro Pacific Securities-an indirect Mauritius based subsidiary of Vodafone International Holdings BV. The transaction worth about Rs2,700 crore.

The Foreign Investment Promotion Board (FIPB) cleared the transaction based on information provided by the company and inputs from a committee headed by a senior government official, the statement said.

However, the FIPB has deferred decision on another request of Vodafone-Essar to "transfer of shares from resident (firm) to non-resident (entity) to carry out the activities relating to telecommunication", it added.

Vodafone-Essar is joint venture between UK-based Vodafone Group Plc and India's Essar Group.

One of the Mauritius based indirect subsidiaries of Vodafone had approached the FIPB for permission to buy the stake in Vodafone-Essar.

As per the FDI norms, proposals involving foreign investment of more than Rs1,200 crore require the approval of the CCEA.

Recently, Vodafone entered into an agreement with its JV partner Essar to acquire 33% stake from it for $5.46 billion.

Before that, in 2007, Vodafone had bought majority stake of Hong Kong-based Hutchison Telecommunications-former partner of Essar in the JV-for about $11 billion.

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