Billionaire Mukesh Ambani’s Reliance Industries Ltd. agreed to buy the Indian partner of Viacom Inc. for 40 billion rupees ($678 million) to gain news and entertainment content for its new mobile phone company.
Sunil Mittal, the billionaire chairman of India’s largest mobile-phone operator Bharti Airtel Ltd., said telecommunications companies are unfairly taxed in Nigeria because the industry supports other areas of the economy.
Bharti Airtel Ltd., India’s largest mobile-phone operator, will sell a 5 percent stake to the Qatar Foundation Endowment for $1.26 billion after the carrier posted quarterly profit that missed estimates.
India’s Bharti Enterprises Pvt., which six months ago ended a tie-up with Wal-Mart Stores Inc., is in talks with France’s Carrefour SA and Japan’s Aeon Co Ltd. for two separate joint ventures, according to one person familiar with the discussions.
Bharti Airtel Ltd., India’s largest mobile-phone operator, reported fourth-quarter profit fell 8 percent after the nation’s phone companies cut prices to compete in the world’s second-largest wireless market.
Billionaire Mukesh Ambani is the latest to enter the crowded Indian cellular services market, the world’s second biggest. He is spending about $11 billion to get it right with a high-speed fourth-generation network.