- Wednesday, March 12, 2025
By: Shubham Ghosh
HERE are some news in brief related to Indian economy and business news for Wednesday, July 27, 2022:
Telecom service providers are likely to launch 5G mobile service in the current financial year 2022-23, India’s minister of state for communications Devusinh Chauhan said on Wednesday. “The department of telecommunication vide notification dated June 15, 2022 has already initiated the process of Auction of Spectrum in 600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz, and 26 GHz Bands which includes the Spectrum required for launch of 5G Services,” Chauhan said in a written reply to a question in Lok Sabha or Lower House of the Indian parliament.
The government has received bids worth Rs 1,49,454 crore (£15.5 billion/$18.6 billion) from the auction of the 5G spectrum at the end of the second day, which is nearing double the amount received for the 4G spectrum auction in 2021, Asian News International reported. The 4G spectrum auction in March 2021 fetched Rs 77,814.80 crore (£8 billion/$9.7 billion). The auction in 2021 was concluded in two days. but the 5G spectrum auction is set to get longer. In both cases, substantial amounts of bids were done on the first day of the auction itself. In the case of the 5G auction, the first day attracted bids worth Rs 1.45 lakh crore (£15 billion/$18.1 billion). On the second day, incremental bids worth around Rs 4,000 crore (£416 million/$500 million) were received.
HCL Technologies’s chairperson Roshni Nadar Malhotra has retained her position as the richest woman in India, with a 54 per cent jump in her net worth to Rs 84,330 crore (£8.7 billion/$10.5 billion) in 2021. Falguni Nayar, who quit her investment banking career to start the beauty focused brand Nykaa around a decade ago, has emerged as the richest self-made woman with a networth of Rs 57,520 crore (£5.9 billion/$7.19 billion), as per the Kotak Private Banking-Hurun list published on Wednesday.
The Narendra Modi cabinet has approved a revival package of Rs 1.64 lakh crore (£17 billion/$20.5 billion) for the government-owned Bharat Sanchar Nigam Limited (BSNL), Ashwini Vaishnaw, the country’s minister of communications, said on Wednesday. The package will feature three main elements — aiming at improving the quality of BSNL services; de-stressing the balance sheet and expanding the company’s fiber network by merging it with Bharat Broadband Network Limited (BBNL).
Several pharma companies have initiated discussions with India’s Narendra Modi government for the development of a potential vaccine against monkeypox, said sources on Wednesday. “The vaccine against monkeypox is under discussion with various vaccine manufacturing companies, but it is a very early stage for any such decisions. If it is required then we have potential manufacturers. If it is required in future then options will be explored,” sources told ANI.
InCred and KKR on Wednesday announced the conclusion of the strategic merger of InCred Financial Services Limited (InCred Finance) and KKR India Financial Services Limited (KIFS), ANI/BusinessWire India reported. The closure of the transaction creates a leading Indian non-banking finance company with the enhanced resources to better meet the needs of retail borrowers and micro, small and medium enterprises (MSMEs). InCred Finance’s combination with KIFS meaningfully adds to the equity base of InCred Finance and strengthens its ability to accelerate growth and gain market share in the retail and MSME lending space.
In sync with its invigorated India focus, entertainment conglomerate Sony Pictures Entertainment has picked two young and dynamic leaders, Shony Panjikaran and Lada Guruden Singh to take over the reins of its distribution and production business in India, ANI/BusinessWire India reported. While Singh has been appointed as the general manager and head of Sony Pictures International Productions (SPIP), India, Panjikaran has been appointed the general manager and head of Sony Pictures Releasing International, India.
