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The demerger<\/a> proposal is likely to be considered at VIL’s next board meeting slated for end of this month, one of the people said. “Under the proposed demerger exercise, the six new companies will issue equity shares to VTL’s current shareholders,” this person said.
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\nLoss-making Videocon Telecom is fully owned by group entities, of which over 78% is held through group holding companies, Videocon Industries Electronics Ltd (68.34%) and JTSPL (10%). Parent company, Videocon Industries, holds 14.52%. It is being advised by global consultant KPMG in its telecom business demerger plan.
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Videocon Telecom is among the smallest telecom operators in the highly competitive telecom industry<\/a>, operating in six circles with over 8 million customers, less than a fifth of another regional operator Telenor India which operates in six circles but has close to 50 million users, with leader Bharti Airtel<\/a> at roughly 233 million users.
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\nVideocon’s Punjab mobile operation, where it has an additional 3 million customers, is run through Quadrant Televentures Ltd, a separate wholly-owned telecom arm.
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\nThe Venugopal Dhoot-owned company, which narrowed operating loss to Rs 47 crore for the second quarter to September 30 from Rs 81.3 crore in the year-ago period, has been trying to progressively exit the spectrum-dependent industry for a while and has been exploring selling its airwaves through the trading route, rules for which were announced Tuesday. Sources said the company is seeking an enterprise valuation, which includes the debt of around Rs 10,000 crore, for Videocon Telecom.
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\nHowever, with the move to trade airwaves not immediately fructifying over differences in valuation expectations and ambiguity in tax rules, the Dhoots feel “circle-by-circle M&A deals might be amore pragmatic option for exiting key markets such as UP-East, UP-West, Bihar and Gujarat, for which there are several takers,” said the second person cited.
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\nVideocon Telecom has close to 2.6 million users in these four circles, which are lucrative markets contributing 22% to industry revenue, and thus fairly attractive as an asset. It holds liberalised 1800 MHz spectrum in UPEast, UP-West, Bihar, Gujarat, MP and Haryana, which can be used to offer 4G services.
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\n“Demand for its 4G airwaves is maximum in UP-East, UP-West, Bihar and Gujarat circles, which are densely populated regions with comparatively lower teledensity, and hence with the maximum revenue potential,” said the third person cited.
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The company though has no immediate plans to exit the mobile services business in Haryana, Madhya Pradesh<\/a> and Punjab, where it has over 8 million customers, insiders say.
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\nA key rationale behind the demerger, in the run up to an expected M&A deal, is that Videocon's owners believe spectrum trading may prove a more expensive option as any airwaves trading deal would entail hefty additional tax payouts, equivalent to nearly 14% of transaction value.
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Videocon Group chairman Venugopal Dhoot<\/a> and VTL’s chief executive Arvind Bali did not reply to ET’s emails on the proposed demerger of the group’s telecom business.
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\nAn emailed query to KPMG also remained unanswered at press time. In January, Dhoot had told ET that Videocon’s telecom arm had received feelers from a leading Mexican carrier and an Indian telco looking to buy 49% stake.
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\nVideocon Telecom has also reportedly been approached by Norway's Telenor ASA for a stake sale though none of the parties have confirmed any talks.
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\n\n<\/body>","next_sibling":[{"msid":49346081,"title":"One nation, many promises","entity_type":"ARTICLE","link":"\/news\/industry\/one-nation-many-promises\/49346081","category_name":null,"category_name_seo":"industry"}],"related_content":[],"msid":49345962,"entity_type":"ARTICLE","title":"Videocon Telecom to split into six companies by circles","synopsis":"The demerger proposal is likely to be considered at VIL\u2019s next board meeting slated for end of this month, one of the people said.","titleseo":"industry\/videocon-telecom-to-split-into-six-companies-by-circles","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2015-10-14 08:03:43","lastupd":"2015-10-14 08:05:31","breadcrumbTags":["industry","Venugopal Dhoot","Videocon","Airtel","Bharti Airtel","Madhya Pradesh","Demerger","M&As"],"secinfo":{"seolocation":"industry\/videocon-telecom-to-split-into-six-companies-by-circles"}}" data-authors="[" kalyan parbat"]" data-category-name="Industry" data-category_id="18" data-date="2015-10-14" data-index="article_1">
加尔各答:Videocon产业有限公司(维尔)计划出售其电信业务,Videocon电信有限公司(VTL),到六圈新集团公司,在退出移动服务业务在四个包括以东,到西,比哈尔邦和古吉拉特邦,三个人意识到这件事告诉等。
的分建议可能被认为是在维尔的下一个董事会会议定于本月末,一位知情人士说。“在拟议的分运动,六个新公司将发行股票VTL的现有股东,”这个人说。
亏损Videocon电信完全由集团实体,其中超过78%是通过集团控股公司持有,Videocon行业电子有限公司(68.34%)和JTSPL (10%)。母公司Videocon行业,持有公司14.52%的股份。它是由毕马威全球顾问建议电信业务分拆计划。
Videocon电信是最小的电信运营商竞争激烈的电信行业六圈、操作与800万多名顾客,只有不到五分之一的另一个区域运营商Telenor印度运营六圈,但接近5000万用户,与领导者Bharti Airtel在大约2.33亿用户。
Videocon旁遮普的移动操作,它有一个额外的300万名客户,通过象限Televentures有限公司运行,一个单独的全资电信的手臂。
的Venugopal Dhoot-owned公司运营亏损收窄至47卢比9月30日的第二季度从去年同期的81.3卢比,一直试图逐步退出spectrum-dependent行业一段时间,一直在探索出售其电波通过贸易通道,规则周二宣布。消息人士表示,该公司正在寻求企业估值,包括债务约为10000卢比,Videocon电信。
然而,此举立即贸易电波不结果实估值预期的差异和模棱两可的税收规则,Dhoots感觉“circle-by-circle并购交易可能是爱茉莉的务实选择退出等关键市场以东,到西,比哈尔邦和古吉拉特邦,有几个人,”第二个人说。
Videocon电信拥有近260万名用户在这四个领域,行业利润丰厚的市场贡献22%收入,因此作为一种资产相当有吸引力。持有自由化UPEast 1800 MHz频段,到西,比哈尔邦,古吉拉特邦,议员和哈里亚纳邦,这可以用来提供4 g服务。
“需求为其4 g无线电波在以东最大,到西,比哈尔邦和古吉拉特邦圈,与电话密度相对较低,人口稠密的地区,因此最大的收入潜力,”说,第三人称。
该公司虽然目前还没有计划退出在哈里亚纳邦移动服务业务,中央邦和旁遮普,它有超过800万的客户,内部人士说。
背后的关键原理分,跑到预期的并购交易,就是Videocon主人相信频谱交易可能更昂贵的选择任何波段交易交易将带来高额的额外的税收支出,相当于近14%的交易价值。
Videocon集团董事长Venugopal Dhoot和VTL首席执行官Arvind巴厘岛没有回复等的邮件提出分集团的电信业务。
电子邮件查询毕马威目前仍然没有回答。今年1月,Dhoot告诉ET Videocon领先的电信部门收到了触角从墨西哥航空公司和印度电信收购49%的股份。
Videocon电信也据报道挪威的Telenor ASA接洽股权出售尽管各方都没有证实任何谈判。
的分建议可能被认为是在维尔的下一个董事会会议定于本月末,一位知情人士说。“在拟议的分运动,六个新公司将发行股票VTL的现有股东,”这个人说。
亏损Videocon电信完全由集团实体,其中超过78%是通过集团控股公司持有,Videocon行业电子有限公司(68.34%)和JTSPL (10%)。母公司Videocon行业,持有公司14.52%的股份。它是由毕马威全球顾问建议电信业务分拆计划。
Videocon电信是最小的电信运营商竞争激烈的电信行业六圈、操作与800万多名顾客,只有不到五分之一的另一个区域运营商Telenor印度运营六圈,但接近5000万用户,与领导者Bharti Airtel在大约2.33亿用户。
Videocon旁遮普的移动操作,它有一个额外的300万名客户,通过象限Televentures有限公司运行,一个单独的全资电信的手臂。
的Venugopal Dhoot-owned公司运营亏损收窄至47卢比9月30日的第二季度从去年同期的81.3卢比,一直试图逐步退出spectrum-dependent行业一段时间,一直在探索出售其电波通过贸易通道,规则周二宣布。消息人士表示,该公司正在寻求企业估值,包括债务约为10000卢比,Videocon电信。
然而,此举立即贸易电波不结果实估值预期的差异和模棱两可的税收规则,Dhoots感觉“circle-by-circle并购交易可能是爱茉莉的务实选择退出等关键市场以东,到西,比哈尔邦和古吉拉特邦,有几个人,”第二个人说。
Videocon电信拥有近260万名用户在这四个领域,行业利润丰厚的市场贡献22%收入,因此作为一种资产相当有吸引力。持有自由化UPEast 1800 MHz频段,到西,比哈尔邦,古吉拉特邦,议员和哈里亚纳邦,这可以用来提供4 g服务。
“需求为其4 g无线电波在以东最大,到西,比哈尔邦和古吉拉特邦圈,与电话密度相对较低,人口稠密的地区,因此最大的收入潜力,”说,第三人称。
该公司虽然目前还没有计划退出在哈里亚纳邦移动服务业务,中央邦和旁遮普,它有超过800万的客户,内部人士说。
背后的关键原理分,跑到预期的并购交易,就是Videocon主人相信频谱交易可能更昂贵的选择任何波段交易交易将带来高额的额外的税收支出,相当于近14%的交易价值。
Videocon集团董事长Venugopal Dhoot和VTL首席执行官Arvind巴厘岛没有回复等的邮件提出分集团的电信业务。
电子邮件查询毕马威目前仍然没有回答。今年1月,Dhoot告诉ET Videocon领先的电信部门收到了触角从墨西哥航空公司和印度电信收购49%的股份。
Videocon电信也据报道挪威的Telenor ASA接洽股权出售尽管各方都没有证实任何谈判。
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