Tata Comm launches TGN-Gulf cable system connecting India to the world

New cable system offers direct access to growing Gulf markets for global connectivity

Tata Communications has launched its TGN-Gulf subsea cable system that will connect the Gulf to Mumbai, India and onward to the rest of the Tata Global Network (TGN).

In partnership with Nawras of Oman, Etisalat of UAE, Qtel of Qatar, Bahrain Internet Exchange of Bahrain, and Mobily of Saudi Arabia, the TGN cable system is the first TGN cable to serve the Gulf region and will offer network access to UAE, Oman, Qatar, Bahrain and Saudi Arabia, providing carriers and businesses with a direct route into the emerging markets of the Gulf region. The TGN-Gulf cable system will provide companies based in the region, and those looking to expand into these markets, with business-critical capacity for broadband data and high quality voice services.

The TGN-Gulf cable system will initially offer speeds of up to 10G and a greater geographical reach for Tata Communications' customers, providing a critical backbone for economic development across the Gulf region.

Radwan Moussalli, managing director, Middle East and North Africa (MENA), Tata Communications, said, “The TGN-Gulf subsea cable system will act as the foundation for growth and technological innovation for businesses in one of the fastest growing emerging markets in the world. It is well positioned to meet the ever-growing demand for high-bandwidth voice and data services, lower latencies, higher uptimes and seamless scalability.”

The cable network boasts significant depth in key emerging markets including China, India, South Africa as well as the Gulf region and currently covers nearly 20% of the world's internet routes reaching over 240 countries and territories.
The TGN-Gulf cable uses market-leading fibre optic connectivity to bring unmatched capacity and secure scalable high speed bandwidth to all the key cities in the region, and the rest of the world. It will provide city-to-city connections in contrast to more traditional networks which only link cable landing stations. This approach is more cost-effective, flexible, provides a faster time to market and is easier to maintain and manage.

In the late afternoon, Tata Communications was trading at around Rs221.15 per share on the Bombay Stock Exchange, 3.93% down from the previous close.

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Eros International acquires global distribution rights of Tezz

Tezz releases worldwide on 27 April 2012

Eros International Media Ltd (EIML) has acquired the international distribution rights of the forthcoming action thriller Tezz. The film releases worldwide on 27 April 2012.

Produced by Venus Films and directed by Priyadarshan, Tezz features an ensemble cast of Mohanlal, Anil Kapoor, Ajay Devgan, Boman Irani, Kangna Ranaut, Sameera Reddy and Zayed Khan in main roles.  

In the late afternoon, EIML was trading at around Rs203.50 per share on the Bombay Stock Exchange, 3.07% down from the previous close.

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Muthoot promoters may dilute 10% stake

“We may also opt for perpetual bonds if the capital market conditions are not conducive for equity issue,” Muthoot said.

Promoters of leading gold loan company Muthoot Finance may dilute their stake by up to 10% to raise funds in the next fiscal.

“We are exploring options to raise fresh equity for long- term resources to an extent promoters’ holding dilution of another 10% from 80% now,” Muthoot managing director, George Alexander Muthoot told PTI.

However, this would be done if valuations are attractive to the company, and private placement to QIB, PE funds are most likely, he said.

The company is bullish on the business as gold is all set to become more expensive after the Budget has proposed to hike customs duty on gold imports and to impose excise duty on unbranded jewellery, he added.

“We remain bullish about the business, and the Union Budget was also good for us as our collateral becomes costlier. We are aiming 25%-30% growth in 2012-13,” Muthoot said.

The company would add another 300-400 branches in the next fiscal, he said.
On the fund requirement of the firm, Muthoot said the company would require Rs6,000-7,000 crore in resources in combination of debt and equity. The current paid up capital of Muthoot is Rs371 crore.

“We may also opt for perpetual bonds if the capital market conditions are not conducive for equity issue,” Muthoot said.

In the late afternoon, Muthoot Finance was trading at around Rs148.30 per share on the Bombay Stock Exchange, 8.88% down from the previous close.

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