Vodafone seeks foreign banks backing
Mobile service provider Vodafone is in talks foreign
banks to provide counter guarantee to nationalized
bank in India for sum of 8500 crore.
This fellows an order from supreme court last week
that Vodafone will have to furnish bank guarantee of a
nationalized bank & set aside 2500 crore in cash to the
Most Indian banks have huge exposure to the
telecom sector & are not keen to increase their
lending to this industry. However if foreign bank
provide a counter guarantees, the credit exposure of
Indian banks will be to foreign banks and not to
Vodafone has been asked to deposit this money &
furnish guarantee after it lost a legal battle over a tax
DoCoMo launches 3G in Maharashtra
The Tata DoCoMo, the GSM arm of Tata Teleservices
formally launches its 3G services in Maharashtra.
The 3G network, set up with assistance of NTT
DoCoMo, support high speed internet access with
the speed up to 21.1 mbps & also support high
The company has also announced attractive &
innovative plans like small screen plan & large
screen plans to upgrade to 3G life.
The plans options are ranging from Rs 750 to
Rs 200 offering 750-5000 free call minutes.
Free instant mobile fund transfer unveiled
The national payment corporation of India
(NPCI) has launch instant fund transfer service
through mobile phones, which allows
customer of bank to sent money to customer
of another bank.
The service termed as Inter Mobile Payment
Service (IMPS) will support inter bank
Six Banks- State Bank of India, Axis Bank, ICICI
Bank, Union Bank of India &Yes Bank- have
already signed with NPCI for the service while
HDFC Bank will join then soon.
SBI likely to price its Eurobond issue this week
The state bank of India is likely to announce
the pricing of its 500m euro bond.
The bank has appointed six European banks to
raise the banks funds. The banks include:
Deutshe bank, Stan-chart, HSBC, BNP Paribas,
Barlcays & credit Agricole CIB.
The TATA Group has also been large borrowers
in euro to fund their aquisitions like Jagure
land recover & Corus.