Sale of mobile handsets have dropped by 75% in Maharashtra owing to the increase in VAT. As per ICA (Indian Cellular Association), sales revenue was Rs 70 crore between June 1 and June 10, the figure for the corresponding period in July is Rs 16.8 crore.
Earlier, state govt. hiked the VAT from 4% to 12.5%, thereby increased price to the customer.
Maharashtra is India’s biggest mobile market with 47 million users and monthly sales of around Rs 300 crore – the govt. expected Rs. 370 crore by increasing the VAT(source)
Financial Irregularities in Telecom PSUs
Comptroller and Auditor General (CAG) of India reports that financial irregularities amounting to Rs 1,548 crore existed in telecom public sector undertakings (PSUs) for the fiscal ended March 2008.
BSNL, which contributes 98% of the irregularity failed to pay a government loan amounting to Rs 7,500 crore in spite of having adequate cash reserves in short-term deposits with other banks during the year 2005-06 and 2006-07 (source)
Nano Ganesh from Tata Teleservices
Tata Teleservices Ltd has launched a pilot project at Sojitra in Anand district of Gujarat that allows farmers to operate their irrigation pumps from remote locations without having to travel to the farm. (Read more about Nano Ganesh here)
Gitanjali Gems to acquire 70% stake in MobileNXT
Gitanjanli Gems is to acquire 70 % stake in Bangalore-based mobile phone retail chain MobileNXT Teleservices through its wholly owned subsidiary Gitanjali Lifestyle Ltd. Gitanjali Lifestyle has entered into an investment-cum-shareholder’s agreement with MobileNXT for this purpose (more)
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