India’s communications minister Kapil Sibal said he has called for a meeting with owners of mobile-phone companies to resolve lawsuits that have resulted in a 85 percent drop in overseas investment in the industry.
Panasonic Corp., the Japanese manufacturer struggling to make its television business profitable, has the capacity to produce flat-panel TVs in India to fuel sales growth and meet local regulatory demands.
Global technology companies such as Samsung Electronics Co., Apple Inc. and Sony Corp. are poised to see surging sales in India as the country’s anemic tech manufacturing sector can’t fulfill booming demand for TVs and smartphones.
India’s main opposition party stepped up pressure on Prime Minister Manmohan Singh to resign, with protests outside his home after he sought to end a political crisis by firing two ministers over graft allegations.
India will prosecute any company that violated rules for obtaining mobile-phone licenses from 2001 and won’t spare those found guilty, Communications and Information Technology Minister Kapil Sibal said.
India raised less than 25 percent of its target from an auction of airwaves, a sale Finance Minister Palaniappan Chidambaram was counting on to avert a sovereign credit downgrade. Bharti Airtel Ltd. and Idea Cellular Ltd. gained in Mumbai.
India’s telecommunications minister said the exchequer suffered a loss of about 170 billion rupees ($3.7 billion) from the sale of second-generation airwaves, almost one-tenth of what the nation’s top auditor estimated.