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Posted On:
18-07-2024

Voda-Idea expands L900 tech in Kolkata to enhance network infrastructure

Post-acquisition of additional spectrum in the 900 Mhz band in Kolkata, telecom operator Vodafone Idea (Vi) announced expansion of L900 technology in 3000 sites across the city to enhance network infrastructure. L900 is an advanced technology that aims at providing a stronger 4G indoor coverage experience for users, with superior calling and faster data speeds, Vi said in a statement. This is part of Vi's broader strategy to upgrade its network infrastructure, following a successful Rs 18,000 crore Follow-on Public Offering (FPO). Vi has also acquired additional spectrum in the recently concluded spectrum auction, committing Rs 31 crore for 0.4Mhz of spectrum in the 900 Mhz band in Kolkata Circle and Rs 376 crore for 7.6 Mhz of spectrum in the 900 Mhz band in West Bengal Circle. With these, Vi now has a total spectrum portfolio of 334.4Mhz in Kolkata and 536.8Mhz in West Bengal circles. "Our goal is to provide the best network experience, and this upgrade is a testament to our commitment to providing superior services to our customers," Vodafone Idea Cluster Business Head, (West Bengal, Assam & North East), Naveen Singhvi said.
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Posted On:
18-07-2024

AI solutions firm Tredence to expand India operations, to hire more staff

Artificial intelligence (AI) and data science company Tredence on Wednesday announced the expansion of its operations in India. The company plans to hire 1,500 new employees, increasing its workforce by 60 per cent from 2,500 to 4,000 employees by mid next year. As part of its growth and diversification strategy in India, the company recently opened two new AI delivery centres in Pune and Kolkata, in addition to upgrading its facilities in Bengaluru and Chennai. “At Tredence, we are deeply committed to India, where we have built a strong foundation across our business functions," said Shub Bhowmick, co-founder and chief executive officer, Tredence. Sector-wise, the firm plans to expand into verticals like Banking and Financial Services (BFSI) and Healthcare & Life Sciences (HLS), and geographically it will be entering the Middle East region. "Our ongoing investments in research and development (R&D), sales, and talent development underscore our dedication to fostering innovation and contributing globally. While North America has been pivotal in our growth journey, we are excited about the immense opportunities in India, Europe, and the Middle East. These markets represent strategic pillars for Tredence as we continue to leverage data science and AI to drive transformative solutions,” Bhowmick added.
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Posted On:
18-07-2024

Citi to boost investment banking headcount in India betting on M&A surge

Citigroup plans to bolster the headcount in its India investment banking unit, betting on a surge in equity capital market and M&A deals in one of the world's fastest growing economies, a top country executive said. "We haven't firmed up the numbers, but it would be a meaningful increase between this year and next year," Rahul Saraf, managing director and head of India investment banking unit, which currently has around 30 dealmakers, told Reuters. A sharp surge in equity deals in India has made it a bright spot in an otherwise dull Asia. It emerged as the second busiest market in the world for equity ECM deals after the United States and is third largest in IPOs in the first half of 2024. The momentum is expected to continue with South Korean carmaker Hyundai Motor's India unit eyeing a $3-billion IPO, while SoftBank-backed Ola Electric is looking to raise $660 million in a stock market trading near record highs. Citi has been the advisor on $6.3 billion worth of equity capital market deals (ECM) and $7.9 billion worth of M&A transactions in India so far this year, Dealogic data showed, putting it ahead of Wall Street rivals Morgan Stanley, Goldman Sachs and JP Morgan.
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Posted On:
19-07-2024

Air India unlikely to extend services of 300 non-flying employees on FTC

As many as 300 non-flying employees on fixed-term contract (FTC) at the Tata Group-owned Air India are unlikely to get their service agreements renewed after they failed to secure a place in the company in the run-up to the merger of Vistara with it, sources privy to the development have said. So far, these employees, who have been working with Air India for 10-15 years in different departments, had been getting their employment contracts renewed, they said. "But as they have not been assigned any role during the fitment exercise, which is almost complete now, their contracts are not unlikely to be renewed," a source told PTI. The number of FTC employees who may not get their contracts renewed stands around 300, said another source. The airline on Wednesday announced a voluntary retirement scheme/voluntary separation scheme to its permanent employees who have been found redundant or surplus in the fitment exercise.
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Posted On:
19-07-2024

Meta in talks to buy 5% stake in Ray-Ban maker EssilorLuxottica: Report

Meta Platforms is in talks to acquire a stake of about 5 per cent in EssilorLuxottica, its production partner for the Ray-Ban smart glasses, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The stake in the world's largest eyewear company could be worth 4.33 billion euros ($4.73 billion) based on its latest market value of 86.50 billion euros, according to Reuters calculations based on LSEG data. The potential deal could give Meta further control over the roadmap for the smart glasses at a time when tech giants including Apple are investing millions to create cutting-edge gadgets based on augmented- and mixed-reality technologies. EssilorLuxottica's Paris-listed shares jumped 6 per cent after the report, while Meta stock was up 2.3 per cent just after the opening bell.
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