Telecom major Bharti Airtel said it will pay Rs 3500 crore to acquire rights to use 4G spectrum of Aircel in eight telecom circles. Bharti Airtel and its subsidiary, Bharti Hexacom, have on 8 April 2016 entered into a definitive agreements with Aircel and its subsidiaries Dishnet Wireless and Aircel Cellular (together Aircel) to acquire rights to use 20 megahertz (MHz) 2300 Band 4G TD spectrum for eight circles namely, Tamil Nadu (including Chennai); Bihar, Jammu & Kashmir, West Bengal, Assam, North East, Andhra Pradesh and Orissa at an aggregate consideration of Rs 3500 crore. The announcement was made after market hours on Friday, 8 April 2016.
The spectrum was allotted to Aircel and Dishnet by the Government of India, Ministry of Communication & IT, Department of Telecommunication (DoT) and is valid upto 20 September 2030. The transfer of the right to use for the circles of Andhra Pradesh and Orissa is subject to the revision of spectrum caps with the upcoming auction to be conducted by DoT. With the above acquisition, Bharti Airtel will become pan India 4G operator. The closing of the transaction is subject to satisfaction of the standard conditions as are normal to such transactions, Bharti Airtel said in a statement.
Tata Steel announced after market hours on Friday, 8 April 2016, that it completed the year ended March 2016 with an overall increase in production and sales volumes. The year registered its best ever performance in hot metal, crude steel, saleable steel production and total sales. Hot Metal production rose 1.42% to 27.14 lakh tonnes in Q4 March 2016 over Q4 March 2015. Crude Steel production rose 4.88% to 25.60 lakh tonnes in Q4 March 2016 over Q4 March 2015. Saleable Steel production rose 6.57% to 25.46 lakh tonnes in Q4 March 2016 over Q4 March 2015.
Infosys will be watched. Aberdeen Asset Management Asia has reduced its shareholding in Infosys by selling 56.26 lakh shares, or 0.24% equity, in the IT major on 7 April 2016. Aberdeen Asset Management Asia now holds 7.01 crore shares, or 3.04% stake in Infosys. The disclosure was made after market hours on Friday, 8 April 2016.
Sun Pharmaceutical Industries announced on Saturday, 9 April 2016, that one of its wholly owned subsidiaries has received approval from US Food and Drug Administration (USFDA) for its non-steroid drug BromSite used to treat inflammation and prevent pain in patients undergoing cataract surgery.
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Rupa & Company announced after market hours on Friday, 8 April 2016, that its wholly-owned subsidiary, Oban Fashions, on 7 April 2016, entered into a definitive license agreement with French Connection to develop, manufacture and sell innerwear and related products with the brand name 'FCUK' in India.
Bannari Amman Sugars announced on Saturday, 9 April 2016, that its board will meet on 25 April 2016 to consider a proposal to take over Madras Sugars by way of amalgamation.
Narayana Hrudayalaya announced on Saturday, 9 April 2016, that it commenced operations at its newest hospital "Shri Mata Vaishno Devi Narayana Superspeciality Hospital" in Katra at Udhampur district of Jammu and Kashmir on 8 April 2016.
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