Telecom companies pay Rs67,719 crore to govt for 3G spectrum

Nine telecom companies, including Bharti Airtel Ltd, Vodafone Essar Ltd and Reliance Communications Ltd and state run MTNL and BSNL paid Rs67,719 crore to the Indian government as third-generation (3G) spectrum fees.

Bharti Airtel paid the highest Rs12,295.46 crore for 3G spectrum (radio waves) in 13 circles. Vodafone, which won nine circles, paid Rs11,617.86 crore. BSNL also paid Rs10,186.56 crore for the radio waves across India, except in Delhi and Mumbai.

Anil Ambani group company Reliance Communications deposited Rs8,585.04 crore. The company has secured spectrum in 13 circles including in Delhi and Mumbai.

MTNL, which offers telecom services only in two circles of Delhi and Mumbai, paid Rs6,564 crore for the 3G spectrum.

Initially, the government had planned to collect Rs35,000 crore from the sale of spectrum for 3G and broadband and wireless access (BWA) services put together. But with nearly Rs33,000 crore coming in as extra from 3G spectrum auction alone, the government is aiming to reduce its fiscal deficit to around 5% of GDP from the estimated 5.5% in the current financial year. The situation may further improve with collection from BWA spectrum, auction for which is currently going on.

All the successful bidders would be getting the spectrum in September after it is vacated by the Defence forces. 3G services will offer subscribers high-speed data services on mobile phones, which they would be able to avail of by the first quarter of next year.

All the private telecom companies, except BSNL and MTNL, had participated in the 3G auction process, which went on for 34 days and ended on 19th May. Due to intense competition, no single player could secure the airwaves throughout the nation.

BSNL and MTNL were given spectrum nearly a year ago on the condition that they would be paying the amount equivalent to the final bid.

Among other private operators, Idea Cellular, Tatas, Aircel and STel have also paid their respective bid amount to the Department of Telecom (DoT).

On Monday, Bharti Airtel shares ended 0.5% up at Rs262 while Reliance Communications shares declined by 1.8% at Rs144 on the Bombay Stock Exchange. The benchmark Sensex closed 0.5% higher at 16,944 points.
 

User

The Jammu & Kashmir Bank invests Rs100 crore in Lavasa

Mumbai-based Hindustan Construction Company Ltd (HCC) said Jammu & Kashmir Bank Ltd has invested Rs100 crore in the form of convertible debentures in its unit Lavasa Corp Ltd.

Equity valuation of these debentures is about Rs12,000 crore, HCC said in a regulatory filing.

On Monday, HCC shares ended 1.2% down at Rs110 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.5% higher at 16,944 points.

User

Rohit Ferro-Tech starts manganese alloys production from new unit

Ferro alloy manufacturer, Rohit Ferro-Tech Ltd said it started commercial production of manganese alloys from its new, 100% export oriented unit (EOU) at Haldia.

In a regulatory filing, the company said production from the other five furnaces is expected to start one by one at an interval of two to three months. Kolkata-based Rohit Ferro-Tech manufactures high carbon ferro chrome, ferro manganese and silico manganese through submerged arc furnace route.

On Monday, the company’s shares ended 2.4% up at Rs45 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.5% up at 16,944 points.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)