Convergence Plus
Reports
Monday, March 30, 2020
IT Firms Seek Client Waivers so Staff Can Work from Home

Sony India Feels the Heat from Chinese Cos, Cuts Over 120 JobsHELPING HAND Covid-19 scare is changing the business landscape, with many looking to adopt no-contact WFH & ehealth consultations. Mazumdar-Shaw says industry ready to help

Indian IT companies have asked their clients for waivers to let employees on projects work from home and are testing their systems, a key requirement before they can implement any widespread measure to allow their lakhs of employees to stay home. Business continuity plans typically allow a subset of employees to work from home, with work also getting distributed to other cities as employees travel between them. But the spread of Covid-19 to multiple metro cities could result in centres across the country shutting down, requiring broader work-from-home authorisations. “We need the waivers because some service agreements stipulate a high level of security in the development centre. Some employees have WFH (work-fromhome) authorisations, but we have not prepared country-wide work-from-home requirements,” a senior IT services executive said. He said clients were open to issuing the waivers but there were some projects that were governed by stricter privacy and data security laws that were harder to transition.

The spread of the coronavirus is causing issues for IT services companies and they are just beginning to evaluate the impact

Genpact, one of the largest business process management companies, said it was unsure of the impact the spread of the virus would have on its 2020 guidance and warned about the risks of its spreading in a major delivery location like India.

“It could impair our ability to manage day-today service delivery for certain clients or at certain sites and result in, among other things, losses of revenue and inadvertent breaches of our client contracts if a large number of our employees, or a group of employees in the same service line or who serve the same clients, were unable to work at the same time,” Genpact told the US Securities and Exchange Commission earlier this month.

Tech services firms Wipro, Infosys and Cognizant said they had contingency plans, but did not specifically answer ET’s queries whether they had sought waivers from clients to allow WFH. A Wipro spokesperson said the company had scheduled situation assessment calls periodically with teams in affected geographies.

IT services experts expect to see more companies seeking waivers as the intensity of the pandemic increases. “Given the current scenarios, many firms have requested waivers from their clients and received such. We expect this to increase as the spread continues, except for situations with privacy and security requirements at a country-to country specific basis,” Constellation Research principal analyst Ray Wang said. Analysts said most work, though, was easy to move to a work-from-home model and that contracts had ‘force majeure’ clauses that would allow for it. “There may be some instances where the client would feel that the work could not be protected and in these cases no work would be done. However, this is likely to be only a very small portion of the work,” said Peter Bendor-Samuel, the CEO of IT consultancy Everest Research.

He added that IT companies had been preparing for the contingency by upgrading their networks and testing procedures. “One of the critical challenges will be to establish the necessary management and oversight procedures and to ensure that their workforce has adequate in home network connections,” Bendor-Samuel said. (Source: Economic Times)

Infy Sees a Spot as Insurance Cos Look to Vet Cyber Infra of Clients

Telcos Estimate AGR Dues at Half the DoT DemandIT firms eye deals as demand rises for tech to carry out due diligence, underwriting work. Software services exporter Infosys is looking to win deals from insurance companies to assess the cyber infrastructure of potential clients before they firm up contracts.

While insurance companies are creating their own cyber security services arms, IT services providers are looking at winning deals that involve usage of technology to carry out due diligence and underwriting work. Vishal Salvi, chief information security officer and head of cybersecurity practice at Infosys, said: “There are opportunities where we are at the early stages of exploration about looking at how we can collaborate with global insurance companies where they, for example, may call us to do due diligence on a particular client before they certify them for some cyber insurance.”

He said: “For organisations which want cyber security insurance, before they approach any insurance company, they may want to first upgrade their cyber security posture so that they get better terms with the insurance company. So that can generate a lot of work for us.”

Infosys’ cyber security segment has been expanding in the last few quarters with new centres across the world providing managed services to clients. Revenue of the cyber security vertical is not reported separately, it is classified under the ‘digital’ business, which constituted 40.6% of total revenue at $1.31 billion at the end of the third quarter.

Technology companies have been signing large contracts with insurance provides. Accenture and AXA XL recently signed a deal to collaborate on cybersecurity services to AXA’s underwriters, brokers and clients.

While analysts say the market for cyber security services in insurance is growing, Indian service providers are facing competition from global players in this space. “It is unclear that there is a large cyber security TAM (total addressable market) for Indian service providers. It does, however, provide them with a nose under the tent if they can utilise it to engage clients and their cyber security organisations as a result of the need for this insurance. But I feel this is a clever trick shot, not a fundamental component of a successful cyber security channel to market,” said Peter Bendor-Samuel, CEO of research and consulting firm Everest Group. (Source: Economic Times)

Local Hiring Helps Indian IT Weather US Election Season

Telcos Estimate AGR Dues at Half the DoT DemandGOOD VIBES Analysts say Indian IT services industry in good space in both short and medium term

In a year when the US is going to the polls, India’s IT services industry will see business grow as it has hired local engineers in small towns to meet requirements of clients whose businesses are getting disrupted by technology, analysts have said. US President Donald Trump, who is on a two-day trip to India starting Monday, is hoping to get re-elected in the November 3 elections, having emerged as a frontrunner. Trump came to the Oval Office on an antiimmigration plank. The US economy is growing and unemployment has fallen from when he took over the top job in 2017.

“The short- to medium-term future is bright for the leading Indian IT services majors,” said Phil Fersht, CEO of US-based IT research and advisory HfS Research.

“Trump has long diverted attention away from Indian-heritage firms like TCS taking on deals with US firms, especially as firms like Infosys, Cognizant, Wipro and HCL have increased their investments in US delivery centres in recent years,” he added.

Investors have been concerned about risks to Indian IT firms’ business outlook in case Trump gets re-elected and ramps up action to insource IT capability back to the US, with the intent of bringing more jobs into the country.

Analysts, however, suggested that companies have done enough to allay his concerns.

Indian IT firms have set up local delivery centres staffed with engineers in the US, and this strategy is in their favour, they pointed out.

HCL Technologies said last week that it would open a centre in Hartford, Connecticut.

“We seem to have hit a stable situation with visas with the Indian firms having already adopted coping mechanisms,” said Peter Bendor-Samuel, CEO of research and consulting firm Everest Group.

Since Trump took over, US technology companies have been favoured over Indian firms for the coveted H-1B visas, or work permits for technology workers. Indian nationals continue to garner a big chunk of these work permits.

“It appears that the administration’s attention is now on low-cost wage immigration with no further action indicated with (regard to) high-end wage immigration that the Indian firms rely on. It does not appear that there are other measures being contemplated beyond the restrictions on H-1B which have already gone into effect,” he added.

According to recent media reports, Indian IT services companies have been paying higher wages than US-based companies to their US employees. This comes amid concerns over the US’ ability to supplement its economy with enough STEM (Science, Technology, Engineering and Math) talent required in technology services.

Indian IT services firms pay staff in the United States average wages that are higher than local companies, ET reported in September citing a study by IHS Markit. (Source: Economic Times)

Sony India Feels the Heat from Chinese Cos, Cuts Over 120 Jobs

Sony India Feels the Heat from Chinese Cos, Cuts Over 120 JobsFewer takers for its premium TVs; GenY seen turning to OnePlus, Xiaomi, TCL, Samsung. Sony India has axed about a seventh of its local workforce, totalling more than 120 jobs across functions, as the Japanese electronics major struggles to sell its pricier television sets in a market where cheaper Chinese alternatives are increasingly dominating retail shelves amid an overall slowdown in TV sales.

The company, which primarily caters to the market’s upper and upper-mid segments, confirmed that it has shed jobs lately. Sony India's television business head Sachin Rai has also resigned, but the company said Rai’s is a voluntary exit and not part of the broader rightsizing.

Sony is merging smaller branch offices and roles now deemed redundant to hold down costs. For instance, it has merged multiple offices in Surat with Ahmedabad and Gurgaon with Delhi.

A Sony India spokesperson said the current market scenario has posed several challenges for the company to be able to sustain growth in the short and medium term. “This requires us to relook at our business strategy, including human resources, and we are taking corrective measures to make ourselves more agile, efficient and robust in the long term,” said the spokesperson. “We are undergoing dialogue with our personnel and expect a fair and reasonable outcome consistent with Sony’s culture of proactive engagement with our internal stakeholders. Since this is our internal matter, we expect to deal with utmost dignity, sensitivity and responsibility.”

Four senior industry executives said that the number of jobs lost could be in the vicinity of 200. The company, however, rejected the contention that 200 jobs have been axed. Sony India’s website says that there are 900 employees in the company. “Consumers do not want to pay the premium that Sony is charging after the entry of the aggressive Chinese brands,” said an industry executive who runs a chain of electronic stores. "Moreover, Sony appears to be losing connect with younger consumers who are considering OnePlus, TCL, Xiaomi or even Samsung instead of a Sony TV.”

Sony India's revenue fell for the fourth consecutive year in FY19 and net profit took a beating for the first time. The company had attributed this to the exit from mobile phone and laptop businesses as part of a global restructuring. Entry-level products, such as the 32-inch TV set, also got the chop due to Chinese competition that made Sony largely unviable.The television market has slowed down in India, with sales growth declining 2% each in 2019 and 2018, data from sales tracker GfK showed. Consumers have postponed purchases amid a slowdown, choosing instead to stream content on their smartphones. As per GfK, the market had expanded 22% in 2015, 17% in 2016 and 3% in 2017.

Sony India's managing director Sunil Nayyar had earlier told ET that the company will focus only on the premium end in India — in televisions, headphones, party speakers or full-frame mirrorless cameras. However, the television business makes up three-fifths of Sony’s total sales locally.(Source: Economic Times)

Tech Platforms Take On Virus Rumours

Twitter, FB, Google & YouTube control misinformation through search prompts, removal of content & by teaming up with fact checkers. A social media deluge of alarming warnings, possible cures and rumours regarding the virus that originated in China.

On Friday, Twitter launched a dedicated search prompt for India with the ministry of health and family welfare and the World Health Organization (WHO) to ensure that individuals imemdiately get authoritative health information from the right sources when they search about the virus.

Facebook, Google and YouTube also flash the same link to the WHO website if ‘coronavirus’ or related terms are searched on their platforms.

Some Indians have enthusiastically taken to the Internet to ‘educate’ fellow users on the prevalence of the virus, possible prevention measures and cures.

While most videos correctly ask people to avoid crowded places, wear a mask and maintain basic hygiene, some have incorrectly claimed that ayurvedic remedies, including garlic and mint leaves, can cure the virus. Some have even created alarm by saying patients infected by the virus have a zero survival rate.

The virus, first identified in Wuhan in Hubei Province last year, causes respiratory illness. It is transmitted between people and animals. Scientists have yet to find a vaccine for the infection. The death toll has crossed 800 in China, while total infected cases have crossed 37,500. Facebook has also started removing content with claims and conspiracy theories that have been debunked by the WHO or other credible health experts and which could cause harm to people who believe them. The social media behemoth is focusing on claims where, if someone relies on the information, it would make them more likely to get sick or not get treatment. This includes claims related to false cures or prevention methods - like for instance ones that say that drinking bleach cures the infection - or claims that discourage treatment or create confusion about health resources that are available.

“As the global public health community works to keep people safe, Facebook is supporting their work in several ways, most especially by working to limit the spread of misinformation and harmful content about the virus and connecting people to helpful information,” said Kang-Xing Jin, Head of Health at Facebook in a blogpost.

Chinese short-video platform TikTok, owned by ByteDance, has put out a warning in 8 Indian languages for its users, asking them to verify facts with trusted sources, including the WHO or resources from the local government while creating, viewing or interacting with novel coronavirus-related content.

It has also asked users to report content that they think violates TikTok’s community guidelines. Videos with #Coronavirus hashtag have been viewed a staggering 786 million times on TikTok.(Source: Economic Times)

Ericsson, LG withdraw from Mobile World Congress 2020

On February 5, LG Electronics said it had decided to withdraw from MWC2020. Swedish telecom gear-maker Ericsson has withdrawn from the telecom industry event Mobile World Congress 2020 (MWC 2020), citing the outbreak of the Novel Coronavirus (nCov).



This follows a similar move by South Korea's LG Electronics, while Chinese telecom gear manufacturer ZTE Corp rubbished reports that it had dropped out of the world’s largest telecom event.

“After an extensive internal risk assessment, Ericsson has decided to take further precautionary measures by withdrawing from MWC Barcelona 2020, the largest event in the telecom industry,” Ericsson said in a statement.

“Ericsson appreciates that GSMA have done everything it can to control the risk. However, as one of the largest exhibitors, Ericsson has thousands of visitors in its hall each day and even if the risk is low, the company cannot guarantee the health and safety of its employees and visitors,” it said.

Börje Ekholm, President and CEO, Ericsson, said: “The health and safety of our employees, customers and other stakeholders are our highest priority. This is not a decision we have taken lightly”.

“It is very unfortunate, but we strongly believe the most responsible business decision is to withdraw our participation from this year’s event,” Ekholm added.

To showcase its portfolio and innovations, Ericsson will take the demos and content created for MWC Barcelona to customers in their home markets with local events called ‘Ericsson Unboxed’.

On February 5, LG Electronics said it had decided to withdraw from “LG Electronics is closely monitoring the situation related to the NCov outbreak, which was recently declared a global emergency by the World Health Organization as the virus continues to spread outside China,” it said.

“This decision removes the risk of exposing hundreds of LG employees to international travel, which has already become more restrictive as the virus continues to spread across borders,” it said, adding, LG will hold separate events in the near future to announce its 2020 mobile products. Dismissing certain media reports that said ZTE Corp has dropped out of the event following the nCov outbreak, the Chinese company said it will showcase a series of new 5G terminal devices at MWC 2020.

The GSM Association (GSMA), the organisers of MWC, the largest telecom event in the world, said it had outlined extensive plans to counter concerns and mitigate the risk of the spread of nCov outbreak at MWC Barcelona.

It also said that the impact this far as “minimal” and pointed to a wide range of measures in place to protect attendees during the event, taking place in Barcelona, Spain, from February 24-27 this year. (Source: The Hindu Businessline)

Biocon Biologics Eyes $200m, Plans IPO in 2 Yrs: Mazumdar-Shaw

Funds to be used to expand biosimilars unit. Bicocon is expected to raise $200 million for its biologics subsidiary in the next few months and list in on the capital markets in about two years, chairman and managing director Kiran Mazumdar-Shaw told ET.

Earlier this month, Biocon said venture capital firm True North would invest ₹536.25 crore (roughly $75 million) to pick up 2.44% stake in the biosimilar subsidiary, taking the valuation of Biocon Biologics to ₹21,450 crore ($3 billion) on a pre-money equity basis. “We managed to set a baseline valuation for Biologics at $3 billion and then if you look at embedded value of Syngene, you can clearly see Biocon’s stock is undervalued,” said Mazumdar-Shaw. “To get Biocon’s stock appreciated in terms of the businesses it controls, I think taking Biologics to the market is going to be very important.” Mazumdar-Shaw added that a stock dilution of Biocon Biologics to raise $200 million would “unlock huge value for Biocon”.ET reported earlier this month that Biocon had started talks with global investors such as the Singapore government-owned Temasek Holdings and the UK government’s investment arm CDC for future rounds of fundraising. True North is also likely to take part in those rounds. Biocon has diluted stake in Biocon Biologics for the first time since inception nearly two years ago. Biocon Biologics, which clocked revenue of nearly $200 million last fiscal year, is chasing a revenue target of $1 billion in financial year 2021-22. It looks to build a pipeline of 28 biosimilars across global markets in three phases.

With the funding, Biocon is looking to fund its research and development, and infuse capital to expand its biosimilars business, said Mazumdar-Shaw.

Biocon Biologics’ IPO will be on the lines of Biocon’s contract research arm Syngene’s listing in 2015. She said the “...value of Biologics is not being captured in Biocon’s present valuation and we have experienced a similar situation when it came to Syngene, because when it went to market its value was not captured, so we unlocked Syngene’s valuation and, of course, Biocon’s value went up.” (Source: Economic Times)

Amazon, Flipkart Bring Diwali Spirit to Republic Day Sales

There will be no change in pricing and discount strategy of cos despite Goyal’s recent remarks. Amazon and Walmart-owned Flipkart have assured brands that there will be no change in the pricing and discount strategy on their ecommerce marketplaces and it will be business as usual during the sales that started on Sunday, said people with knowledge of the matter.

Discounts during the ongoing Republic Day and Great Indian sales on Flipkart and Amazon, respectively, will be similar to that last year, said five senior executives of leading online-focussed brands. In some categories such as televisions and discounts, they could be as steep as Diwali discounts, they added. Brick-and-mortar traders said they will approach the government afresh with complaints about deep discounting by the marketplaces.

Commerce and industry minister Piyush Goyal had reiterated last week that ecommerce marketplaces are welcome to invest in India but have to comply with the laws, which aim to ensure that small retailers are not hurt by unfair cashrich ecommerce companies. The Competition Commission of India (CCI) has also initiated an inquiry against the online marketplaces over discounting and preferential treatment of vendors. Small traders accuse the marketplaces of breaking overseas investment rules and engaging in predatory pricing.

“Discounts are happening just as planned,” said the chief of a leading shoe and sportswear brand. “The product and pricing strategy is planned a quarter in advance and alpha sellers and marketplaces have indicated nothing changes for this quarter.”

Amazon and Flipkart didn’t respond to queries. They have always maintained that they follow the local rules.

The executives of the brands said the marketplaces made it amply clear in this regard that any discounts will have to be borne by the brand or the seller. Also, marketplaces and large sellers have said even

f a product is sold at its lowest price, there should be at least 10%-plus margin for all three combined — brand, seller and marketplace. Both Amazon and Flipkart are working on a margin-based strategy where brands offer the discount, while the marketplace supports them on visibility and a stronger digital presence, said Avneet Singh Marwah, CEO of Super Plastronics, which sells Kodak and Thomson televisions online.

Brands said the margin they had offered to sellers in 2019 has gone up by 7-10% from 2018, indicating the average discount in 2019 has been lower after stricter ecommerce rules came into effect in February, requiring marketplaces and some top sellers to change their business structures.

Except for a few sale seasons such as Navratri, Diwali, Republic Day and Independence Day, the average online discount dropped last year after the government issued the ecommerce norms.

Brands and sellers are trying to keep prices attractive for customers and ensuring business is profitable for everyone, said Manmohan Ganesh, chief operating officer at online exclusive brand BPL.

However, offline retail lobbies such as the Confederation of All India Traders (CAIT) and All India Mobile Retailers Association (AIMRA) reiterated their stand against the ecommerce marketplaces.

There is a 5-15% discount on smartphones in the current sales on Amazon and Flipkart, including bank instant discounts or cashback, said AIMRA president Arvinder Khurana.

“Even brands have continued to offer special pricing and exclusive models to the marketplaces. We will approach the CCI to prove that money is burnt in online,” he said.

CAIT secretary general Praveen Khandelwal said the association had met Goyal on Saturday and apprised him of the factual position.

The head of a leading smartphone brand there is no law that prohibits brands, online sellers or offline retailers from offering discounts.(Source: Economic Times)


Telcos Starved for Funds, Your Mobile Bill may Rise Up to 30%

Low average revenue per user, impending AGR dues payouts likely to force cos to hike tariffs

The country’s billionplus mobile users may have to brace for more sharp jumps in phone bills by end-2020 itself with telcos likely to raise prices by another 25-30% with average revenue per user (ARPU) still low and overall telecom-related consumer spends in India amongst the lowest globally, industry executives and analysts said.

Vodafone Idea and Bharti Airtel, staring at huge payouts after they got no relief from the Supreme Court on their adjusted gross revenue (AGR) dues, would need to raise prices in a bid to rebuild financial strength. And, if Vodafone Idea were to collapse, as feared by some, analysts expect big price hikes from Bharti Airtel and Reliance Jio Infocomm in a private duopoly structure.

“With Arpus still well below the ₹180-200 pre-Jio levels and a reduction in overall telecom-related consumer spending (as a percentage of GDP) over the past three years, there’s adequate scope for telcos to raise tariffs by another 30% later this year,” Sanjiv Bhasin, director at IIFL Securities, told ET.

Analysts expect private telcos to leverage the fall in consumer-level telecom spends to 0.73% of GDP in the September quarter of FY20 from 1.25% just over three years ago, saying the scenario offers adequate headroom to push through a second round of price hikes.

Just over a month ago, Bharti Airtel, Vodafone Idea and Reliance Jio had increased bundled prepaid tariffs by 14-33% for the first time in three years. That is estimated to boost monthly APRU from the present ₹120 level to around ₹160, over a few quarters. But with Vodafone Idea’s survival now in the balance if it fails to also secure any meaningful relief from the government, analysts expect the tariff hikes to happen quicker. “Even after the recent tariff hike (in December 2019), consumers are still paying a paltry 0.86% of per capita income for their communication needs, which is much lower than what it was four years ago,” said Rajan Mathews, director general of Cellular Operators Association of India (COAI), which represents Airtel, Jio and Vodafone Idea.

Analysts said consumer spends on communications in India are well below Singapore, Malaysia, China/Hong Kong, the Philippines, Japan, Australia, the US, the UK, Germany and France.

Given that mobile internet consumption has soared over the past three years since Jio’s entry, mobile users, Bhasin said, also “won’t mind paying a little extra as data is now the new gold”.

Kotak Institutional Equities said that aggregate annualised consumer-level telecom spends for the September 2019 quarter at ₹1.45 lakh crore was 21% below June 2016 levels of ₹1.84 lakh crore. It added that during the same period, the telecom industry’s “voice traffic was up 2.1x times and data traffic 43x since Jio’s entry”.

Experts say the actual timing of the next round of price hikes will hinge on Vodafone Idea’s survival. The struggling telco has said it is exploring further options, including filing of a curative petition in the top court.

Vodafone Idea faces AGR dues of ₹53,039 crore in the aftermath of the Supreme Court’s October 24 order, and its subsequent rejection of the telco’s review petition. It needs to pay the government by January 23. The nation’s top court has backed the government’s wider definition of AGR.

Rajiv Sharma, research head at SBICap Securities, though said any upward revision in tariffs beyond 15% in the next 6-to-9 months could lead to some user losses, given that half of India’s population have an annual income level under ₹60,000 as per recent findings of the World Inequality Database.(Source: Economic Times)

How a ₹40,000 crore IPO could have spared BSNL its current troubles

The death warrant of Bharat Sanchar Nigam Ltd (BSNL) was signed nearly a decade ago when the government of the day, the Congress-led UPA, did not push for the company’s proposed Rs 40,000 crore initial public offer (IPO). Had the IPO happened, the company would have been saved of the predicament that it has to go through currently, experts in India’s stock market told BusinessLine.

BSNL, which was India’s largest telecom operator in 2008, purely failed as it could not upgrade its technology to retain customers, and lost to the competition from private companies Bharti Airtel and Vodafone. The money that it could have raised from the IPO would have helped it retain the top position, as it would have been able to compete, experts say.

In 2006-07, BSNL’s total income stood at around Rs 40,000 crore, with profits after tax of Rs 8,000 crore. At the end of 2007, BSNL’s value was nearly pegged at Rs 4,00,000 crore. Comparatively, Bharti Airtel’s market capitalisation then was Rs 1,70,000 crore and that of Reliance Communications Rs 1,60,000 crore.

While private sector companies keep raising money via various instruments, BSNL was choked for funds. From 2007-08 onwards, the PSU’s profits first started falling, and two years later, it turned into losses.

In the financial year ended March 2012, BSNL’s post-tax losses almost touched Rs 9,000 crore, with its income also falling below Rs 28,000 crore, a 30 per cent decline over that in 2006-07.

In January 2008, the then BSNL chairman Kuldeep Goyal told a business newspaper, “An IPO may be necessary in the medium term to finance our massive expansion plans. After all, BSNL has already lined up a capex of around Rs 60,000 crore till 2010, of which Rs 18,000 crore will be invested in 2008-09. Its reserves stand at Rs 30,000 crore till date. Incidentally, it is not expecting a quantum jump in revenue due to fall in number of fixed lines and falling tariff.”

BSNL IPO plans put off

In September 2010, the Telecom Department (DoT) told a parliamentary committee, which scrutinises the accounts of the government and state-owned companies, that BSNL’s listing will be taken up only after the company’s performance improves in order to get the right valuation. This killed all the hope for India’s largest telecom operator, brokers say.

The fact that the government should sell 30 per cent stake in BSNL through an IPO and also raise funds from the sale of its infrastructure, such as signal towers and real estate, was suggested by a panel, whose members included banker Deepak Parekh.

In July 2010, the Telecom Commission, the highest decision-making body of the DoT, that had met to clear the IPO, but shied away from taking any decision.

Also read: At final call, around 92,700 BSNL, MTNL staffers opt for VRS

Just last month, the government has now approved a Rs 69,000 crore revival package for BSNL and MTNL — this includes merging the two loss-making firms, monetising their assets and giving VRS to employees — so that the combined entity turns profitable in two years. The package includes infusion of Rs 20,140 crore for purchase of 4G spectrum and Rs 3,674 crore for GST to be paid on spectrum allocation. (Source: The Hindu Businessline)

convergence plus