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Tag: india

  • Antony Morato forays into India

    Antony Morato forays into India

    Antony Morato India has opened its first exclusive store, in Palladium Mall, Mumbai.

    The Italian menswear brand has tied up with Gurugram-based Iconic Fashion Retailing for its India journey.

    Covering more than 160sqm, the store features furniture and interiors designed in line with the brand’s aesthetic codes. It reinterprets traditional materials and industrial elements with a contemporary approach. Founded in 2007 and led by Raffaele Caldarelli, Antony Morato has stores in Europe, Asia and South America, and offices in Germany, Spain and France.

    Antony Morato merchandise is also sold in Iconic stores across India, with 18 outlets spanning key cities such as Ahmedabad, Bengaluru, Bhopal, Delhi, Gurgaon, Hyderabad, Jaipur, Jodhpur, Noida and Udaipur.

    The brand is also available online in India via Jabong and Myntra.

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  • Global Wedding Market Expected to Drive 2018 Platinum Jewellery Market

    Global Wedding Market Expected to Drive 2018 Platinum Jewellery Market

    Platinum Guild International (PGI) published the findings of its 2017 Platinum Jewellery Business Review revealing that wedding markets around the world have become strongholds for platinum jewellery across China, Japan, the U.S. and newly emerging in India. Compiled by independent platinum market experts and industry analysts, the survey reports strong consumer retail sales growth in the wedding segment for 2017, even outperforming gold in some areas.

    “We saw growth for platinum jewellery with relation to the wedding market in all four of the key markets in 2017. This trend is mostly tied to a strong preference for platinum among younger consumers to express love, together with a robust global economy and historically low platinum prices, indicates growth potential in the platinum jewellery sector in 2018,” says CEO Huw Daniel of Platinum Guild International.

    In China, despite continuing market challenges at the total market level, PGI has seen strong growth in platinum acquisition in the core bridal category. According to a consumer study covering 55 cities in Tier 1 to 3, platinum bridal acquisition volume has increased by 22% compared to 2014. Platinum has become the dominant precious metal for wedding rings. China annual brand tracking survey shows that consumers strongly associating love with platinum and far ahead of other metals. Bridal jewellery is a gateway purchase leading to subsequent platinum jewellery purchases for anniversaries, birthdays and milestone occasions, which provide opportunities for growth to be further explored in 2018.

    For young India, PGI has created a distinct positioning for platinum versus gold, tapping into modern couples’ desire for jewellery that better represents the bonds of love in a modern relationship between equals. Through the Platinum Days of Love Campaign, platinum has become the metal of choice among today’s young Indian consumers shaping the country’s culture and fashion. The market is led by love-gifting with local organised retailers finding footholds for platinum within the gold-dominated wedding category. The introduction of a new branded segment, Platinum Evara, a modern platinum jewellery collection gifted to the bride and groom before the wedding day has carved out a distinctive niche for platinum and created a new jewellery segment for the industry.

    In  Japan where platinum has a strong presence, platinum holds an astonishing 92% share of the engagement ring market and 82% share of wedding rings. Platinum is expected to continue dominate in bridal jewellery in the coming years.

    Strong results for platinum in bridal are also mirrored in the West. In the United States, the economic recovery and a bullish consumer sentiment has benefited the total jewellery industry, leading to the 5th consecutive year of growth for platinum jewellery consumption at 11%. The growth mainly comes from strong sales in bridal jewellery including engagement rings and wedding bands. In 2018, additional growth is expected to derive from initiatives promoting the use of platinum crowns that hold diamonds more securely, regardless of the choice of metal for the rest of the ring, along with increasing demand from the self-purchase category, which is likely to generate 8-11% of total growth in the U.S.

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  • DHL leverages IoT to slash trucking time across India by up to 50%

    DHL leverages IoT to slash trucking time across India by up to 50%

    Deutsche Post DHLGroup (DPDHL),  the world’s leading mail and logistics company, today announced the launch of DHL SmarTrucking to provide an innovative trucking solution across an extensive line-haul express road network in India.

    DHL SmarTrucking is the company’s first official move to accelerate the development of technology-enabled logistics solutions around the world, under the newly formed board department, corporate incubations, which was launched in April this year. The company has also appointed Neeraj Bansal as CEO of DHL SmarTrucking, who will be responsible for leading the company’s growth in India.

    “India is an incredibly important market for Deutsche Post DHL Group. Presently, road freight comprises the majority of the total freight movement and is the largest transportation segment in India,” said Juergen Gerdes, Board member for corporate incubations, Deutsche Post DHL Group. “With greater efficiency from DHL SmarTrucking, we expect to transport 100,000 tonnes of cargo and cover a distance of approximately 4 million kilometres across India daily.”

    TechLog cuts transit time, reduces driver workload

    DHL SmarTrucking’s ‘TechLog’ is logistics made smarter through the use of new and emerging technologies. Following a successful, three-month pilot that covered over 2,770,000 kilometres, DHL SmarTrucking leverages Internet of Things (IoT) technology and data-driven insights for route customisation.

    This reduces transit times by up to 50 percent compared to the traditional trucking industry and provides over 95 percent reliability with ease of use, end-to-end consignment visibility, temperature-controlled capabilities and real-time tracking.

    IoT-enabled sensors, monitored through the company’s centralized control tower, provide real-time temperature and consignment tracking. Information starts and status updates are also sent to customers and DHL SmarTrucking’s operations teams through the customer portal and external  and internal mobile applications.

    Utilising an innovative and agile model, drivers are rotated at predetermined stops located across the country, with the original driver returning to the point of origin with another truckload

    “This transportation model not only helps optimise efficiency but also reduces fatigue among drivers who spend less time on the road, enabling them to go home to their families every two or three days,” said Malcolm Monteiro, CEO, DHL eCommerce India. “Additionally, with the demand for temperature-controlled transportation estimated to grow at 15 percent per annum from 2016 to 2020, DHL SmarTrucking allows our customers in India to scale up and streamline their business operations to meet consumers’ needs.”

    “DHL SmarTrucking’s emphasis on TechLog will change the game for customers in India,” said Neeraj Bansal, CEO, DHL SmarTrucking. “Leveraging the potential of the infrastructural transformation in India’s logistics ecosystem and our innovations through DHL SmarTrucking, we can help Indian businesses reach customers and markets in a faster and more secure manner.”

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  • Walmart India, Flipkart top executives meet CCI

    Walmart India, Flipkart top executives meet CCI

    Top executives of Walmart India and Flipkart on Wednesday met fair trade regulator CCI to explain their activities in the country, days after submitting an application seeking approval for their $16-billion mega merger deal.

    While there was no official word on the meeting, sources said it was a “courtesy call” by the executives of the two companies during which they also apprised the regulatory authority of Walmart’s global sourcing from India, including from the farmers, and its work towards kirana stores and supplier development programmes.

    Those present in the meeting included Walmart India president and CEO Krish Iyer and the company’s senior vice president and chief corporate affairs officer Rajneesh Kumar, besides Flipkart CEO Kalyan Krishnamurthy and its group legal head R Baweja, sources said.

    In their meeting with CCI member Sudhir Mittal, the officials of the two companies briefly explained about their individual businesses, development programmes and other activities.

    The meeting comes days after Walmart approached the Competition Commission of India (CCI) for approval of its proposed acquisition of a majority stake in e-commerce major Flipkart. In their application filed last week, the two companies have said the acquisition, proposed through Walmart International Holdings, deal doesn’t raise any competition concerns.

    Mergers and acquisitions beyond a certain threshold require the approval of the CCI.

    In their plea, Walmart has told the regulator that Flipkart is a Singapore-based investment holding firm, which along with its direct and indirect subsidiaries, both in India and elsewhere, is primarily engaged in the business of wholesale cash and carry of goods and providing marketplace based e-commerce platforms to facilitate trade between customers and sellers in India.

    According to the notice submitted to the CCI by Wal-Mart International Holdings, the proposed transaction will be effected pursuant to the share purchase agreement and the share issuance and acquisition agreement entered into on May 9 by and among Walmart’s subsidiary and Flipkart.

    Retailers have joined hands to approach CCI against $16 billion Walmart-Flipkart deal as they apprehend that it would lead to massive job loss and be a “nightmare for retail trade” of the country.

    Earlier this week, traders body CAIT also said it will approach the CCI to file objections on the proposed Walmart-Flipkart deal, claiming that the agreement would lead to an uneven playing field and massive job losses.

    On the other hand, an online sellers industry body has already moved the CCI against Flipkart India Pvt Ltd, a wholesale company, for allegedly abusing its dominant position on Flipkart’s online marketplace.

    Walmart seeks to acquire 77 percent stake in the homegrown e-commerce firm with a buyout of $16 billion.

    Opposing the deal, the Confederation of All India Traders (CAIT) has also written to Commerce Minister Suresh Prabhu, seeking to know the steps being taken by the government to scrutinise the deal.

    CAIT alleged that the deal involves important issues related to FDI policy, cyber security, apprehension of using e-commerce for entering retail trade by circumventing the law etc.

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  • Adidas India to open 4-5 stadium inspired outlets this year

    Adidas India to open 4-5 stadium inspired outlets this year

    After opening its first stadium-format store in Delhi, Adidas India plans to roll out four or five more of the outlets this financial year.

    Designed to showcase the brand’s performance wear, the format will become standard in India from next year. Already used in Japan and South Korea, the format features interactive zones for customers to showcase product benefits, says Adidas India senior director for sales and retail Manish Sapra.

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  • Young Consumers, Bridal, and Self-Purchasing Expected to Drive 2018 Platinum Jewellery Market

    Young Consumers, Bridal, and Self-Purchasing Expected to Drive 2018 Platinum Jewellery Market

    Platinum Guild International (PGI) yesterday published the findings of its 2017 Platinum Jewellery Business Review revealing that three key trends – young consumers, bridal and self-purchasing – are emerging to contribute to platinum demand growth in 2018. Compiled by independent platinum market experts and industry analysts, the survey reports strong consumer retail sales growth in the U.S., Japan and India for 2017, even outperforming gold in some areas.

    “We saw above-market growth for platinum jewellery in three out of four key markets in 2017. This trend is tied to a robust global economy and historically low platinum prices, which together with an increasing preference for platinum among younger consumers, indicates growth potential in the platinum jewellery sector in 2018,” says CEO Huw Daniel of Platinum Guild International.

    Young Consumers

    India has become the engine of platinum jewellery growth globally. Despite continued challenges from new legislations, the industry has seen retail sales reported in platinum ounces up 21% year-on-year for the Platinum Guild International program and fabrication ounce demand growing at 34% year-on-year compared to 14% year-on-year demand growth for gold jewellery (according to World Gold Council). A strong preference for platinum among young consumers is one of the strongest contributors to the growth of platinum jewellery demand in India. For young India, PGI has created a distinct positioning for platinum versus gold, tapping into modern couples’ desire for jewellery that better represents the bonds of love in a modern relationship between equals. Through the Platinum Days of Love Campaign, platinum has become the metal of choice among today’s young Indian consumers shaping the country’s culture and fashion.

    Bridal Market

    Bridal markets around the world have become strongholds for platinum jewellery across China, Japan, the U.S. and newly emerging in India.

    In China, despite continuing market challenges at the total market level, PGI has seen strong growth in platinum acquisition in the core bridal category. According to a consumer study covering 55 cities in Tier 1 to 3, platinum bridal acquisition volume has increased by 22% compared to 2014. Platinum has become the dominant precious metal for wedding rings. However, with the industry facing continuous structural transitions and declines in marketing investment, China’s demand for platinum jewellery is likely to have another year of decline in 2018. China annual brand tracking survey shows that consumers strongly associating love with platinum and far ahead of other metals. Bridal jewellery is a gateway purchase leading to subsequent platinum jewellery purchases for anniversaries, birthdays and milestone occasions, which provide opportunities for growth to be further explored in 2018. China’s strongest growth is fueled by the rising consumer affluence of Tier 2,3 and 4 cities where a new generation of middle class consumers is acquiring taste for Platinum Pair Rings exchanged during wedding ceremonies.

    In India, the market is led by love-gifting with local organised retailers finding footholds for platinum within the gold-dominated wedding category. The introduction of a new branded segment, Platinum Evara, a modern platinum jewellery collection gifted to the bride and groom before the wedding day has carved out a distinctive niche for platinum and created a new jewellery segment for the industry.

    In the mature platinum jewellery market of Japan, platinum holds an astonishing 92% share of the engagement ring market and 82% share of wedding rings.

    Strong results for platinum in bridal are also mirrored in the West. In the U.S., the economic recovery and a bullish consumer sentiment has benefited the total jewellery industry, leading to the 5th consecutive year of growth for platinum jewellery consumption at 11%. The growth mainly comes from strong sales in bridal jewellery including engagement rings and wedding bands. In 2018, additional growth is expected to derive from initiatives promoting the use of platinum crowns that hold diamonds more securely, regardless of the choice of metal for the rest of the ring, along with increasing demand from the self-purchase category, which is likely to generate 8-11% of total growth in the U.S.

    Self-purchasing

    Although the majority of the platinum jewellery sold is bridal, PGI USA has also introduced a new platinum collection of platinum-only, chain-based necklaces as part of the Platinum Born collection, to target women buying jewellery for themselves, in order to continue to optimise local market growth opportunity.

    With the highest per capita consumption of platinum jewellery globally, in Japan platinum accounts for over 50% of total jewellery sales value. Growth is driven by a strong self-purchasing market led by females that have a strong affinity for platinum. Women generally control household finances and are increasingly staying in work after marriage and child birth. The resulting higher disposable incomes combined with historically lower metal prices, have led Japanese retailers to continue substituting white gold stocks for platinum, leading to an overall increase of 2% in retail ounce consumption. Retail demand growth is forecasted to continue at 1-2% in 2018 driven by moderate growth in self-purchasing category, especially for heavier products such as Kihei chains and religious objects.

  • A2P SMS to bring new life to aging messaging market

    A2P SMS to bring new life to aging messaging market

    SMS is not dead – not yet anyway. Ovum’s Mobile Messaging Traffic and Revenue Forecast: 2017-22 forecasts global revenues from application-to-person (A2P) SMS will finally exceed revenues from person-to-person (P2P) SMS by 2022, totalling $43 billion, even though A2P SMS traffic will be less than half of P2P SMS traffic by that time.

    P2P SMS revenues will generate just $40.2 billion in revenues by the end of the forecast period, but P2P SMS traffic will total 3.4 trillion messages in 2022, by comparison to 1.5 trillion A2P SMS.

    Figure 1: Global P2P and A2P SMS revenue, 2017-2022

    Figure 1: Global P2P and A2P sms revenue, 2017-2022Source: Ovum 2018

    The bulk of P2P and A2P SMS traffic and revenues will come mainly from the mobile-first, powerhouse markets of China, India and Indonesia.

    “Unfortunately for most telcos, P2P SMS has become essentially value-less, since they have had to bundle unlimited SMS into mobile tariffs to remain relevant to their customers, an increasing number of whom use chat apps such as WhatsApp, WeChat and Facebook Messenger. However, telcos can still charge a per-message termination rate for A2P SMS, which means it remains a more valuable source of revenues, since enterprises still value SMS for its global reach, affordability and mature ecosystem,” said Pamela Clark-Dickson, practice leader of Ovum’s communications and social team.

    Ovum forecasts chat apps will have 3.2 billion unique monthly active users (MAUs) by 2020, connecting enterprises with consumers via their platforms. Telcos and the wider ecosystem are therefore under pressure to protect their A2P revenues, driving them to upgrade from SMS to Rich Communication Services (RCS).

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  • India’s DoT approves Airtel-Telenor India merger

    India’s DoT approves Airtel-Telenor India merger

    India’s Department of Telecom (DoT) has approved the planned merger between Telenor India and Bharti Airtel, which will create an operator with a subscriber base of around 334 million.

    The department has signed off on the merger after being directed to by the Supreme Court.

    The DoT had petitioned the court seeking to compel the operators to submit a security deposit of around 17 billion rupees ($251.6 million) before approving the merger. This deposit would cover unpaid spectrum fees from Telenor and a one-time spectrum charge on Airtel for the spectrum that the operator will acquire through the merger without an auction.

    But the court has dismissed the petition and instructed the department to approve the merger.

    With the acquisition, Airtel will acquire an additional 43.4 MHz of spectrum in the 1800-MHz band, spread across seven of India’s 22 telecoms circles.

    The company will also absorb Telenor’s subscriber base in these circles, which will leave the incumbent operator with nearly twice as many subscribers as new entrant Reliance Jio Infocomm.

    As a condition of approval, Airtel has been instructed to reduce its market share based on adjusted growth revenue in the Bihar telecoms circle to the limit of 50% within one year of completing the merger.

    Norway-based Telenor is meanwhile fulfilling its goal of exiting the Indian market due to the intense competition and the high cost of spectrum.

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  • Airtel sell 25% of its African unit

    Airtel sell 25% of its African unit

    India’s Bharti Airtel reportedly plans to raise up to $1.5 billion through a public listing of Bharti Airtel International, the holding company for its African operations.

    The operator plans to dilute a 25% stake into the holding company for roughly $1 billion to $1.5 billion.

    The public listing is expected to take place in early 2019, the sources said. At the upper end of the estimate, Bharti Airtel International would be valued at $6 billion.

    Netherlands-registered Bharti Airtel International is the holding company of Airtel’s operations in 14 African markets – Nigeria, Chad, Congo-Brazzaville, Democratic Republic of Congo, Gabon, Madagascar, Niger, Kenya, Malawi, Seychelles, Tanzania, Uganda, Zambia and Rwanda.

    Airtel’s African operations have finally started making profits seven years after Airtel entered the African market with the $9 billion acquisition of Kuwait-based Zain’s African assets. The African operations reported their first full year of profit for the financial year of around 18.27 billion rupees ($273.4 million).

    A global listing for Bharti Airtel International is expected to help the parent company get better value for its African operations, deleverage its balance sheet, and help it raise funds to invest in its core Indian mobile business to help it better compete in a tight market.

  • Bharti Airtel launches wholesale voice digital platform

    Bharti Airtel launches wholesale voice digital platform

    India’s Bharti Airtel has launched what it says is a first-of-its-kind carrier digital platform for wholesale voice services.

    The new Global Voice service will allow global operators to enter wholesale voice arrangements with Airtel at the click of a button.

    The platform will offer paperless sign-up, quick voice interconnects and real-time traffic analysis for carriers worldwide.

    Customers will be able to buy voice termination services from Airtel and propose sell rates for their target markets.

    Airtel said Global Voice can reduce on-boarding time to a matter of hours. It also offers live rates for routes across the world for faster decision making during traffic exchange.

    Users will also be able to access various real-time online reports based on usage analytics tracking KPIs such as traffic, traffic rates and payments for a selected destination.

    Airtel also plans to soon provision a single window on the digital platform for product discovery, on-boarding, billing, payment, enquiry, and support across multiple B2B products.“

    “This is yet another digital innovation from Airtel to empower our customers, who can now leverage Airtel’s global voice network on a real-time basis with high quality voice termination,” Airtel director and CEO for global voice and data Ajay Chitkara said.

    “The platform will bring enhanced efficiency, convenience, agility and transparency and further strengthen our position as the preferred partner for customers across the world.”

    Airtel’s worldwide network covers 250,000 route kilometers across 50 countries in five continents and already terminates 23 billion voice minutes globally.

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  • AirAsia India CEO steps down

    AirAsia India CEO steps down

    AirAsia India Managing Director and Chief Executive Officer (CEO) Amar Abrol is stepping down after being in his current job for almost two years, and will move back to Malaysia to be based at the group’s head office.

    Abrol “had expressed his desire to return to Malaysia to be closer to his family. The Board of AirAsia India would like to thank him for his contributions and will work closely with him to ensure a smooth transition,” AirAsia India said in a statement.

    Before joining as the CEO of AirAsia India, a joint-venture between AirAsia Bhd and India’s Tata Sons conglomerate, Abrol was the CEO of financial products start-up Tune Money.

    He had replaced Mittu Chandilya, who was handpicked by Air Asia Group chief Tan Sri Tony Fernandes in 2013 to head AirAsia India.

    AirAsia India, which started operations in mid-2014, has a fleet of 18 aircraft and serves 19 destinations in India.

    The airline carried more than 1.46 million passengers between January and March this year and recorded a load factor or 83 per cent.

    The budget carrier competes with IndiGo, SpiceJet and GoAir in India’s growing air travel market.

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  • India’s MTNL makes play for 4G spectrum

    India’s MTNL makes play for 4G spectrum

    Loss-making Indian state-controlled operator MTNL has approached the government seeking an allocation of 4G spectrum across two bands, in return for equity in the company.

    MTNL has written to the Telecom Department seeking spectrum in the 1800-MHz and 2100-MHz bands, arguing that a 4G presence is a must to survive in the mobile market.

    The operator is seeking spectrum in both of its operating circles of Delhi and Mumbai, and hopes to be able to launch 4G services in the current financial year ending in March 2019.

    MTNL has requested that its license payment for the spectrum, which it estimates at 65 billion rupees ($973.3 million) be taken by the government in the form of equity shares, to ensure MTNL is not burdened with additional debt.

    MTNL is currently 56% owned by the Indian government and 19% owned by Life Insurance Corporation, with the remainder held by the public.

    The operator is meanwhile already straddled with a hefty 170 billion rupees in debt, and is currently considering a revival plan to return the operator to profitability. This would include asset monetization, pursuing additional revenue schemes, a voluntary retirement scheme for employees and other measures.

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  • Blockchain Startup Nuggets Selected to Join Prestigious Access India Programme

    Blockchain Startup Nuggets Selected to Join Prestigious Access India Programme

    E-commerce payments and ID platform Nuggets has been selected to join the Access India Programme (AIP) – a prestigious initiative providing support to high-potential UK businesses seeking to establish a presence in India.

    In partnership with the UK India Business Council, the High Commission of India in London launched the AIP programme in 2017. It identifies high-potential UK SMEs using innovative technologies, and helps them establish themselves within the fast-growing Indian economy. Selected companies receive a range of invaluable services, from mentorship to networking and market-entry support.

    Nuggets offers compelling potential for the Indian economy. The country has only recently moved away from making 80% of payments in cash, with 60% of the population unbanked. Even so, India’s GDP is forecast to grow by 7.4% in 2018, and the economy is set to overtake both the UK and France in size over the next few years.  A consumer product like Nuggets, which enables simple, secure e-commerce payments, has obvious value in accelerating India’s move towards a cashless society.

    That move is already under way. IndiaStack, for example, is an ambitious program aiming to combine APIs and software on a single platform, and use bleeding-edge technology to bootstrap a new cashless infrastructure. It already boasts protocols such as eKYC and UPI, and could soon add Nuggets to its ranks.

    Seema Khinda Johnson, COO and co-founder of Nuggets, said: “Nuggets is a global payments and identity platform. Having support like this from the Indian High Commission will help our expansion efforts immeasurably.

    “We’re proud to have been selected for this programme. We’ve always believed in the power of our technology to empower consumers and boost economies. That’s especially true in such a vibrant, tech-focused environment as contemporary India.”

    Manish Singh, Economic Minister with the High Commision of India in London, said: “We are delighted to welcome Nuggets to our flagship AIP programme. Nuggets is exactly the sort of product we look for: exceptionally innovative, delivered in a way that can empower an entire population.

    This latest international victory for Nuggets comes soon after similar success in China. On 13th April 2018, the UK Government and the Mayor of London announced Nuggets would lead the UK Tech Mission in China. The company also took part in the recent launch of ‘Regulatory Sandbox for FinTech: UK-China Collaboration to Promote Financial Innovation’.

    Government support has played a critical role in Nuggets’ development. In its early days, the startup was selected by the UK Financial Conduct Authority (FCA) for its Project Innovate, enabling Nuggets to test its revolutionary product with consumers in the regulatory sandbox.

    Using blockchain technology, Nuggets enables people to make payments without having to share their personal data. That protects them from fraud, and eliminates the need for a username, password and payment details to be shared.

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  • India generated the highest growth rate in Asia-Pacific

    India generated the highest growth rate in Asia-Pacific

    In January, passenger traffic across Asia-Pacific recorded a +4.4% increase whereas the Middle East reported a small reduction of -0.4% compared to the same period last year. This month’s traffic was largely distorted by the later timing of Chinese New Year (CNY) compared to last year, resulting in slower growth in many countries for the month.

    India generated the highest growth rate in the Asia-Pacific region at approximately +15% in January, backed by robust domestic demand. India’s domestic sector has experienced a period of high growth since 2015 and continued to have strong momentum. Among the top 10 airports driving domestic passenger traffic volume in January seven came from India. Led by: Delhi (DEL) +12.6%, Bangalore (BLR) +19.8% and Hyderabad (HYD) +24.8%.

    The shifting timing of CNY has resulted in China’s growth slowed to approximately +2% in January. The busiest airports in the country all reported small decline or marginal increase for the month: Beijing (PEK) -0.4%, Shanghai Pudong (PVG) +0.3%, Guangzhou (CAN) +0.7%.  Passenger traffic is expected to rebound significantly for China in February 2018.

    Elsewhere in the region, vibrant international passenger travels benefited a number of markets in driving volume increase for the month. Top runners were: Seoul Incheon (ICN) +8.2%, Kuala Lumpur (KUL) +4.9%, and Bangkok Don Mueang (DMK) +7.4%.

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  • Bharti Infratel to merge with Indus Towers

    Bharti Infratel to merge with Indus Towers

    India’s Bharti Airtel has approved a plan to merge its infrastructure unit Bharti Infratel with Indus Towers to create a listed pan-India tower company.

    The combined company will fully own the respective business of Bharti Infratel and Indus Towers, and will own over 163,000 towers across all 22 of India’s telecom circles, making it the largest tower company in the world outside of China. It will change its name to Indus Towers Limited.

    Bharti Airtel already owns a 42% stake in Indus Towers, with Vodafone Group owning another 42%, Idea Group owning 11.15% and Providence Equity Partners owning the remaining 4.85%.

    Post-merger, Vodafone will be issued 783.1 million new shares in the combined company, while Idea Group will be given the option of selling its shares in the company or taking shares based on the merger ratio, and Providence will be given the option of selling most of its holdings.

    Assuming Idea and Providence take up the option of selling their shares for cash, Airtel’s shareholding in the combined company will be diluted to 37.2% and Vodafone’s shareholding would be diluted to 29.4%.

    The combined company is expected to have an enterprise value of around $10.8 billion, Airtel said in a statement.

    Based on this expected valuation, Idea stands to gain around $1 billion from the sale of its shares. Vodafone’s holding in the combined company would meanwhile be worth around $4.3 billion.

    The merger is expected to be complete in the current financial year, which ends in March 2019.

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