Anil ambani banned from stock market
Both deals were announced last year and are awaiting final approval from regulators. Why India's 4G license auction was a flop. Monday's market debacle is the latest blow in what has been a year to forget for Reliance Communications. It's not the only Indian telecom player that's struggling.
Vodafone VOD decided to merge its Indian operations with local rival Idea Cellular in March after billions in losses. That could create a market leading network with more subscribers than the population of the U.
Current industry leader Bharti Airtel acquired the Indian arm of Norway's Telenor TELNF in February. They're all battling the same adversary -- Ambani's older brother Mukesh, who is also India's wealthiest man.
The siblings divided up the Reliance empire their father created after a bitter succession battle following his death in Mukesh Ambani has bankrolled Reliance Jio, the newest entrant in India's telecom industry that burst onto the scene last September offering free 4G internet for six months. The blockbuster offer saw it rack up more than million subscribers during that period.
India's richest man extends free 4G offer by three months.
Already struggling with mountains of debt, the existing players responded by slashing their own prices to try and compete. Reliance Communications took a veiled swipe at Jio in its earnings report, saying "free offers, disruptive pricing and hypercompetition" were to blame for the ongoing "crisis" in the sector.
No Sebi Ban on Me or My Firms: Anil Ambani
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SEBI Bans Anil Ambani From Stock Market Investment
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Sebi bars Anil Ambani from stock investing - Livemint
India's richest man on India's digital age. CNNMoney New Delhi First published May 29, Social Surge - What's Trending.
Indian billionaire Anil Ambani takes heavy losses in telecom price war - May. 29,
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