India Telecom Operator Aircel has Filed for Bankruptcy

India Telecom Operator Aircel has Filed for Bankruptcy

One of India’s largest telecom operator, Aircel has filed for bankruptcy.  An interim resolution professional will be appointed and will have 270 days to find funding and buyers as part of a plan to repay lenders, failing which the carrier will be declared bankrupt and sent into liquidation.

” India’s Top Telecom Operator has filed for Bankruptcy “

Aircel, with 80 million subscribers in January 2018 is founded 19 years ago by C Sivasankaran.  The telecom company majority stake was sold in 2015 to Malaysia’s top 3 largest telecom operator Maxis, founded by Malaysian business tycoon and billionaire Ananda Krishnan ($7.2 billion net worth).

Since Reliance Jio entry in 2016, the telecom competition in India has hit Bharti Airtel, the No. 1 operator and has driven a merger (complete by 2019) between Vodafone India and Idea Cellular to form the largest  telecom company in India.  The three companies together control over 60% of India’s mobile subscribers.  Reliance Jio is a subsidiary of Reliance Industries, founded by Indian richest man Mukesh Ambani ($40.1 billion net worth).

The application was filed in National Company Law Tribunal (NCLT) Mumbai for 3 companies: Aircel Cellular, Dishnet Wireless, Aircel Ltd, under Section 10 of the Insolvency and Bankruptcy Code 2016 for undertaking Corporate Insolvency Resolution Process.  The telecom company is working with other telecom service providers to help our subscribers remain connected.

Sources: Economic Times, India Times, Economic Times

 

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Maria Sharapova Investigated by Indian Police for Luxury Housing Project Fraud 

Maria Sharapova Investigated by Indian Police for Luxury Housing Project Fraud 

Tennis superstar Maria Sharapova is under investigation by Indian Police for her involvement in a luxury housing project in India.  The case involves real estate firm Homestead Infrastructure, which had collected tens of millions from home buyers for the luxury housing project named “Ballet by Sharapova.”

“Maria Sharapova under Investigation by Indian Police in Luxury Housing Fraud Case”

The project did not materialise and the company and Maria Sharapova is being investigated for possible cheating and criminal conspiracy.  Maria Sharapova had reportedly travelled to India around 2012 – 2013 to launch the luxury housing project.  The planned luxury housing project, in Gurgaon (a satellite city of the capital New Delhi), was designed with special features including a ballet academy, tennis academy a helipad.

Source: Fox News, The Guardian, The Economic Times

 

View Brochure: Ballet Brochure

 

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India Lost 11 Billionaires in 2016

India Lost 11 Billionaires in 2016

The “demonetisation” program cost the economy a few billionaires in 2016 as India lost 11 billionaires in 2016. India also dropped 1 spot to No. 4 on the Hurun Global Rich List, behind U.S, China and Germany.

“India’s richest man, Mukesh Ambani has the 29th largest fortune with estimated net worth of $26 billion.”

~ CNN

However, the Bloomberg Billionaires Index shows that the 18 Indians amongst the top 500 billionaires had a combined fortune of about $149 billion at the end 2016, slightly down from $151 billion in 2015. India’s richest man, Mukesh Ambani has the 29th largest fortune with estimated net worth of $26 billion.

Related Reports: CNN, Bloomberg

 


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Indians Declare $10 Billion in Hidden Wealth

Indians Declare $10 Billion in Hidden Wealth

Indians have declared almost $10 billion in hidden wealth under a government amnesty on tax evasion. Finance Minister Arun Jaitley said the four-month scheme that closed on Friday had resulted in 64,275 declarations of previously undisclosed assets and income, totaling 652.5 billion rupees ($9.8 billion).

“Indians have declared almost $10 billion in hidden wealth under a government amnesty on tax evasion.”

~ Daily Mail

Only six people earning over 500 million rupees ($7.4 million) filed returns in 2012-2013, despite having an estimated 2,100 ultra-wealthy Indians whose net worth exceeds $50 million. Billions of dollars in unpaid taxes deprive the government of monies that could be spent on changing lives in a country where 270 million people survive on less than $2 a day, according to the World Bank.

Related Reports: Daily Mail, Reuters


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India to Lead the Way in Luxury Travel

India to Lead the Way in Luxury Travel

According to a report, “Shaping the Future of Luxury Travel” by Amadeus which is underpinned by data modeling from Tourism Economics, it found that luxury travel growth rate will accelerate to 6.2% over the next decade.

“Indian luxury travel is projected to have compounded annual growth rate of 12.8%, the highest in the report.”

~ Financial Times

Indian luxury travel is projected to have compounded annual growth rate of 12.8%, the highest in the report. Indian luxury travel is expected to develop with a significant focus on long haul outbound trips with very little regional luxury travel. This will be in direct opposition to markets such as China, where interregional luxury travel is a major driver.

Related Report: Financial Times, Wealth X

 

About Amadeus

Amadeus provides the technology which keeps the travel sector moving – from initial search to making a booking, from pricing to ticketing, from managing reservations to managing check-in and departure processes. Our products and solutions help to improve the business performance of our customers; travel agencies, corporations, airlines, ground handlers, hotels, railways, car rental companies, airports, cruise lines and ferry operators.

At the heart of our approach is innovation. Amadeus was recognised in December 2014 as the leading European investor in R&D for the travel and tourism sector by the EU Industrial R&D Investment Scoreboard, which ranks European companies by total investment in R&D. Between 2004 and 2013 Amadeus invested close to €3 billion in R&D.

Visit: Amadeus


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HSBC to Close Half of India Branches

HSBC to Close Half of India Branches

HSBC Holdings plans to close down half of its branches in India and rely more on digital banking to expand the consumer business. Chief Executive Officer Stuart Gulliver is shutting money-losing businesses to improve earnings hurt by compliance costs. Since 2011, the bank has slashed more than 87,000 positions, exited at least 80 businesses and reduced its footprint to about 71 countries and territories from 88.

“Since 2011, the bank has slashed more than 87,000 positions, exited at least 80 businesses and reduced its footprint to about 71 countries and territories from 88.”

~ Bloomberg

HSBC however said it remains committed to India, where it is also shutting its global private-banking operations. The country was the fourth-biggest contributor to group earnings before tax in 2015

Related Reports: Bloomberg, International Business Times

 

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories

Visit: HSBC




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