India raised almost $10 billion from an auction of wireless spectrum that saw billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd. emerge as a potential competitor to Vodafone Group Plc and Bharti Airtel Ltd.
India got bids totaling 446.1 billion rupees ($7.12 billion) on the first day of a wireless spectrum auction yesterday, the third effort by the government to raise revenue from the sale of airwaves in the last 15 months.
Indian phone carriers plunged after Credit Suisse Group AG downgraded Bharti Airtel Ltd., the No. 1 operator, and another company on concern competition from Reliance Industries Ltd. will erode earnings.
Wal-Mart Stores Inc. didn’t properly inspect products it purchased in China, leading to fox DNA being found in meat sold as donkey, the state-owned radio broadcaster reported, citing the provincial food regulator.
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.
Wal-Mart Stores Inc. named a former executive from Li Ka-shing’s company to head the operations in India, after the breakup of a six-year local partnership stalled its efforts to expand in the country.