Beacon Sector Special 2014 - Telecom Sector

7/24/2019 Beacon Sector Special 2014 - Telecom Sector

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EACON

SECTOR

SPECIAL

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What is

Telecom?

The explosion in

technology, which

ushered in the

information age, has

become the basis for

defining power in the

modern world. It is a

widely accepted fact that

no modern economy can

thrive without an

integraltelecommunications

infrastructure.

Most countries have their

own agencies thatenforce

telecommunications

regulations formulated

by their governments. In

India, it is the Telecom

Regulatory Authority of

India (TRAI).

From time immemorial, information and communicationshave always formed the basis of human existence. This fact has

driven humans to continuously seek ways to improve the

processing of information and the communication of such

information to one another, irrespective of distance and on a

real time basis. The explosion in technology, which ushered in

the information age, has become the basis for defining power

in the modern world. It is a widely accepted fact that no

modern economy can thrive without an integral

telecommunications infrastructure.

Telecommunications, called telecom in short, is the exchange

of information over significant distances by electronic means.

A complete, single telecommunications circuit consists of two

stations, each equipped with a transmitterand a receiver. The

medium of signal transmission can be electrical wire or cable

(also known as "copper"), optical fiber or electromagnetic

fields. The free-space transmission and reception of data by

means of electromagnetic fields is called wireless.

The simplest form of telecommunications takes place between

two stations. However, it is common for multiple transmitting

and receiving stations to exchange data among themselves.

Such an arrangement is called a telecommunications network.

The Internet is the largest example. On a smaller scale,

examples include:

Corporate and academic wide-area networks (WANs)

Telephone networks

Taxicab dispatch networks

Groups of amateur radio operators

The value of products and services is increasingly a function

of their information content and the knowledge used to

produce them rather than the raw material content.

Consequently, the ability to easily access and share

information and stimulate the creation of new ideas is viewed

as essential to maintaining a strong economy and enhancing

the quality of life of every citizen. Access to

telecommunications is critical to the development of all

aspects of a nations economy including manufacturing.

Telecommunications and broadcasting worldwide are

overseen by the International Telecommunication Union

(ITU), an agency of the United Nations (UN) with headquarters

in Geneva, Switzerland. Most countries have their own

agencies that enforce telecommunications regulations

formulated by their governments. In India, it is the Telecom

Regulatory Authority of India (TRAI).

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Importance

of Telecom:

Advances in digital and

IP networking

technologies have had a

dramatic effect on the

demand for better, faster

and more bandwidth for

telecommunications to

serve economies and

communities the world

over.

The use of

telecommunications in

the production and

marketing of goods and

services is ubiquitous.

For many companies,

telecommunications has

become an integral partof the production process

and is itself becoming

part of the product firms

supply either as a value-

added service or as part

of the product itself.

The telecommunications sector is primarily subdivided into

two segments:

a) Fixed Service providers (FSP)

b) Cellular Services

The telecommunications industry covers a number of areas

including cabling, wireless, switching, transmission, RF (Radio

Frequency) and optical communications, media and IP

(Internet Protocol) networks. The emphasis in India, however,

is more on the technologies like GSM (Global System for

Mobile Communication), CDMA (Code Division Multiple

Access), WLL (Wireless Local Loop), fixed line etc. Advances in

digital and IP networking technologies have had a dramatic

effect on the demand for better, faster and more bandwidth for

telecommunications to serve economies and communities the

world over.

Some of the significant features of the telecom industry are:

1. Telecommunications has evolved as a basic

infrastructure - like electricity, roads, water etc. - and

has also emerged as one of the critical components of

economic growth required for overall socio-economic

development of the country

2. Telecommunications industry is no longer technology-

centric but revolves more around customer

relationship and tackling cutthroat competition

3. Mammoth investments in the telecom industry are

churning out profit-margins and making intelligent

decision-making critical

Some of the after effects of the telecom revolution include:

1. Escalation in use of social networking applications

such as Facebook, wiki and twitter

2. Creation of smart homes and home integration

technologies: proliferation of home networks, homeentertainment and smart home technologies

3. Increase in use of IP technologies such as VoIP, IPTV

and smart phones

4. Superior and more advanced broadband networks

that are helping in boosting the world economy

through eHealth, eEducation, eTravel and hospitality

5. New approaches to media distribution through the

internet

6.

The switchover to the new digital economy

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Different

Sectors in

Telecom

Overview

of the

Telecom

IndustryA). Global Outlook

4G customers are likely

to generate higher

Average Revenue per

User (ARPU) than 3G

customers.

There are about 6.9

billion mobile

connections globally,

which are growing at anannual rate of 7.36%.

The telecom industry can be broadly classified into the

following sub sets:

Telecom Infrastructure Companies: Bharti Infratel, BSNL

Telecom Tower Infrastructure, GTL Infrastructure, Idea

Telecom Infrastructure, India Telecom Infra Ltd, Indus Towers

Ltd, Reliance Infratel, Viom Networks Ltd etc.

Network Equipment Manufacturer and Service Provider

Companies:Ericson, Nokia Solutions and Networks, Huawei,

ZTE, Alcatel Lucent, Cisco, Juniper etc.

Telecom Operator Companies: Bharti Airtel, Vodafone,

BSNL, Idea Cellular, Tata Docomo, Aircel Cellular etc.

Telecom Solution providers: Tech Mahindra, Aricent

Technologies, Sasken, Wipro, IBM India etc.

Globally, the telecom industry is in the midst of a

transformational shift, driven by a huge surge in data traffic on

telecom networks. A number of mobile operators are rolling

out 4G networks across the globe. A number of wireline

operators are rolling out Fiber to the home, providing

enormous bandwidth up to 100 Mbps to the subscribers. Users

will be able to gravitate to fastest, most reliable and best

priced wireless networks available. The migration of speed

seeking data users to 4G may be accompanied by a rise in

volume of voice calls on legacy 2G and 3G networks. Operatorsare offering very competitive tariffs to encourage more of their

subscriber base to use mobile data services. 4G customers are

likely to generate higher Average Revenue Per User (ARPU)

than 3G customers.

There are about 6.9 billion mobile connections globally, which

are growing at an annual rate of 7.36%. The ARPU is stagnating

to around $24.6 while Minutes of Use (MoU) show an upward

trend around 296 per connection. 4G had only 2.85% of the

world market penetration at the end of 2013 while 3G had that

of 28.45%.

Globally, the governments are making more spectrum

available to exacerbate the spectrum shortage. Looking ahead,

the rollout of new 4G mobile broadband networks will fuel

continued wireless growth. Cloud computing will continue to

emerge in both consumer and enterprise markets, and

business customers in particular will continue to use this

technology to expand their capabilities beyond the desktop

computer. Emerging markets such as China, India and Latin

America are expected to see strong growth.

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B). Domestic Outlook

The number of telephone

subscribers in India

increased from 915.19

million at the end of

December, 2013 to

922.04 million at the end

of January, 2014, thereby

showing a monthlygrowth of 0.75%.

Global Telecom Data:

Data under consideration StatisticTotal Number of MobileConnections (Aug 2014)

7,102,975,000

Number of Unique MobileSubscribers (Aug 2014)

3,612,995,000

Total Revenue per year (FY2013)

$1.13 Trillion USD

ARPU per month (FY 2013) $12.5 USDSource: GSMA Intelligence

The Indian Telecommunications industry is one of the fastest

growing in the world. Government policies and regulatory

framework implemented by TRAI (Telecom Regulatory

Authority of India) have provided conducive environment for

service providers. This has made the sector more competitive,

while enhancing the accessibility of telecommunication

services at affordable tariffs to the consumers. Teledensity is

the number of telephone connections for every 100individuals living within an area.

0

100

200

300

400

500

600

700

800

185209

231.5 239.7254.7 269.9

285.7 275.2

419.4

775.6

NumberofSubscribers(inmillion)

Name of the Company

Top 10 Telecom Companies in the world (2014)

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The share of urban

subscribers has declined

from 60.03% to 59.86%

whereas share of rural

subscribers has

increased from 39.97%to 40.14% in the month

of January, 2014. With

this, the overall

Teledensity in India

increased from 74.02 at

the end of December,

2013 to 74.50 at the end

of January, 2014.

A teledensity greater than 100 means there are more

telephones than people.

The number of telephone subscribers in India increased

from 915.19 million at the end of December, 2013 to 922.04

million at the end of January, 2014, thereby showing a

monthly growth of 0.75%. The share of urban subscribershas declined from 60.03% to 59.86% whereas share of

rural subscribers has increased from 39.97% to 40.14% in

the month of January, 2014. With this, the overall

Teledensity in India increased from 74.02 at the end of

December, 2013 to 74.50 at the end of January, 2014.

Source: TRAI Report 2014

75.51

46.76

49.33

56.63

58.05

61.66

68.7

70.65

70.77

75.94

79.44

80.19

90.32

91.01

92.19

94.68

106.36

106.67

112.09

227.59

0 50 100 150 200 250

Total (All India)

Bihar

Assam

Madhya Pradesh

Uttar Pradesh

Odisha

J & K

West Bengal

North East

Rajasthan

Andhra Pradesh

Haryana

Gujarat

Maharashtra

Karnataka

Kerala

Himachal Pradesh

Punjab

Tamil Nadu

Delhi

Overall Teledensity (Circle/Statewise), as on May 31, 2014

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Key

Performance

Indicators

KPIs)

The Indian

Telecommunications

industry is one of the

fastest growing in the

world. Governmentpolicies and regulatory

framework implemented

by TRAI (Telecom


India) have provided

conducive environment

for service providers.

Data on Telecom Subscribers (Wireless + Wireline) as on March 31, 2014

Data under consideration StatisticTotal Subscribers 933.01 million

% change over the previous year 3.89%Urban Subscribers 555.28 million

Rural Subscribers 377.73 millionMarket share of Private Operators 87.13%Market share of PSU Operators 12.87%

Teledensity 75.23Urban Teledensity 145.78Rural Teledensity 43.96

Source: TRAI Report (Mar 31, 2014)

Data on Wireless Subscribers as on March 31, 2014

Data under consideration StatisticTotal Wireless Subscribers 904.51 million

% change over the previous year 4.23%Urban Subscribers 532.73 million

Rural Subscribers 371.78 millionGSM Subscribers 847.41 Million

CDMA Subscribers 57.10 MillionMarket share of Private Operators 89.16%Market share of PSU Operators 10.84%



Service Provider Wise Market Share of Wireless Subscribers, as on

March 31, 2014 (in %)


22.88

18.49

15.13

11.90

10.07

7.92

6.924.16

1.00

0.59

0.37

0.31 0.25

Bharti Vodafone Idea Reliance BSNL

Aircel Tata Telewings Sistema Videocon

MTNL Loop Quadrant

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Bharti Airtel has the

highest market share of

wireless subscribers, at

22.88%. Players from the

private sector greatly

dominate the sector with amarket share of 89.56%,

while players from the

public sector total a

market share of 10.44%.

However, as far as number

of Wireline subscribers

are concerned, the Public

Sector companies far

outnumber the private

companies in terms ofmarket share, with a

77.03% to 22.97%.

Service Provider Wise Market Share of Wireline Subscribers, as onMarch 31, 2014


Data on Wireline Subscribers as on March 31, 2014

Data under consideration StatisticTotal Wireline Subscribers 28.5 million

% change over the previous year -5.6%Urban Subscribers 22.54 millionRural Subscribers 5.96 million

Market share of Private Operators 22.7%Market share of PSU Operators 77.3%


No. of Village Public Telephones(VPT)

588,912

No. of Public Call Office (PCO) 956,988Source: TRAI Report (Mar 31, 2014)


64.50

12.53

11.88

5.54 4.37

0.760.22

0.20

BSNL MTNL Bharti Tata Reliance Quadrant Vodafone Sistema

57.10%

39.85%

2.42% 0.64%

Composition of Telephone Subscribers in India

Urban Wireless Subscribers Rural Wireless Subscribers

Urban Wireline Subscribers Rural Wireline Subscribers

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The biggest concern for

the Telecom industry,

over the past decade, is

the fall in Average

Revenue per User

(ARPU).

It is one of the Key

Performance Indicators

for the industry.

The table here shows the

varying trend in the

value of Average

Revenue per User

(ARPU), per subscriber,

for Wireless GSM

Connections, during a 10-

year period (2004

2014)

Data on Internet/ Broadband Subscribers as on March 31, 2014

Data under consideration StatisticTotal Internet Subscribers 251.59 million

Narrowband subscribers 190.72 millionBroadband subscribers 60.87 million

Wired Internet Subscribers 18.50 million

Wireless Internet Subscribers 233.09 millionSource: TRAI Report (Mar 31, 2014)

Data on Telecom Financial Data (Mar-14)

Data under consideration StatisticAvg. Gross Revenue(GR) during the year Rs.58453.635 Crore

% change in Avg. GR over the previousyear

11.8%

Avg. Adjusted Gross Revenue (AGR)during the year

Rs.39510.465 Crore

% change in Avg. AGR over the previous

year

16.26%

Share of Public sector undertakings inAccess AGR

12.72%

Monthly Average Revenue Per User(ARPU) for Access Services

Rs.115


Average Revenue per User (ARPU)

Source: TRAI Annual Reports

Graph showing the variation in ARPU, for Wireless GSMConnections during the period 2004 2014

Source: TRAI Annual Reports

Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

ARPU (INR) 310 398 352 297 239 185 122 98 95.47 111.45 113.44

0

50

100150

200

250

300

350

400

450

2002 2004 2006 2008 2010 2012 2014 2016

A

RPU(INR)

YEAR

ARPU per month, for Wireless GSM Connection

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Regulation

in the

Telecom

Sector

The Department of

Telecommunications (DoT)

works under the Ministry of

Communications and

Information Technology,

and is responsible for policy

formulation, performance

review, monitoring,

international cooperation,

research & development.

The Department also

allocates frequency and

manages radio

communications in closecoordination with the

International bodies. It is

also responsible for

enforcing wireless

regulatory measures and

monitoring the wireless

transmission of all users in

the country.

A. Regulatory Bodies and their functions:

a) Department of Telecommunications:

The Department of Telecommunications

(DoT) works under the Ministry ofCommunications and Information

Technology, and is responsible for policy

formulation, performance review,

monitoring, international cooperation,

research & development. The Department

also allocates frequency and manages radio

communications in close coordination with

the International bodies. It is also responsible

for enforcing wireless regulatory measures

and monitoring the wireless transmission of

all users in the country. The office of

Administrator Universal Service Obligation

(USO) Fund was set up w.e.f. June 1, 2002 for

the purpose of implementation of Universal

Service Support Policy.

After formation of Bharat Sanchar Nigam Ltd

(BSNL) in October 2000, following are the

functions assigned to the DoT under

Government of India (Allocation of Business),

Rules, 1961:

1. Policy formulation, Licensing and

Coordination matters relating to telegraphs,

telephones, wireless, data, facsimile and

telematics services and other like forms of

communications.

2. International cooperation in matters

connected with telecommunications

including matters relating to all international

bodies dealing with telecommunications such

as International Telecommunication Union(ITU), its Radio Regulation Board (RRB),

Radio Communication Sector (ITU-R),

Telecommunication Standardization Sector

(ITU-T), Development Sector (ITU-D),

International Telecommunication Satellite

Organization (INTELSAT), International

Mobile Satellite Organization (INMARSAT)

and Asia Pacific Telecommunication (APT).

3. Promotion of standardization, research and

development in telecommunications.

4. Promotion of private investment inTelecommunications.

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The DoT works for

promotion of

standardization,

research and

development in

telecommunications andpromotion of private

investment in

Telecommunications.

Both the Telecom


India and Telecom

Disputes Settlement and

Appellate Tribunal are

under the DoT ministry.

5. Financial assistance for the furtherance of

research and study in telecommunications

technology and for building up adequately

trained manpower for telecom programme,

including

(a) Assistance to institutions/ scientificinstitutions and to universities for advanced

scientific study and research

(b) Grant of scholarships to students in

educational institutions and other forms of

financial aid to individuals including those

going abroad for studies in the field of

telecommunications.

6. Procurement of stores and equipment

required by the Department of

Telecommunications.

7. Telecom Commission.

8. Telecom Regulatory Authority of India.

9. Telecom Disputes Settlement and Appellate

Tribunal.

10. Administration of laws with respect to any

of the matters specified in this list, namely:-

(a) The Indian Telegraph Act, 1885 (13 of

1885);

(b) The Indian Wireless Telegraphy Act, 1933

(17 of 1933) and

(c) The Telecom Regulatory Authority of IndiaAct, 1997 (24 of 1997).

11. Indian Telephone Industries Limited.

12. Post disinvestments matters relating to

M/s Hindustan Teleprinters Limited.

13. Bharat Sanchar Nigam Limited.

14. Mahanagar Telephone Nigam Limited.

15. Videsh Sanchar Nigam Limited and

Telecommunications Consultants (India)

Limited

16. All matters relating to Centre for

Development of Telematics (C-DOT).17. Residual work relating to the erstwhile

Department of Telecom Services and

Department of Telecom Operations, including

matters relating to the following: (a) Cadre

controlling functions of Group A and other

categories of personnel till their absorption in

Bharat Sanchar Nigam Limited; (b)

Administration and payment of terminal

benefits.

18. Execution of works, purchase and

acquisition of land debited to the capitalBudget pertaining to telecommunications.

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The Telecom Regulatory

Authority of India (TRAI)

was thus established

with effect from 20th

February, 1997 by an act

of Parliament, called theTelecom Regulatory

Authority of India Act,

1997 to regulate telecom

services, including

fixation of tariffs for

telecom services which

were earlier vested in the

central government.

TDSAT was established

with the view to protect

the interest of the

consumers and serviceproviders of the

telecommunication

sector and also to

encourage and ensure

the growth of the

telecommunication

sector.

b) TRAI (Telecom Regulatory Authority of

India):

The entry of private service providers

brought with it the inevitable need for

government regulation. The Telecom

Regulatory Authority of India (TRAI) was thus

established with effect from 20th February,

1997 by an act of Parliament, called the

Telecom Regulatory Authority of India Act,

1997 to regulate telecom services, including

fixation of tariffs for telecom services which

were earlier vested in the central government.

The TRAI act was amended by an ordinance,

effective from 24th January, 2000 establishing

a Telecommunications Dispute Settlement

and Appellate Tribunal (TDSAT) to take overthe adjudicatory and disputes functions from

TRAI.

c) Telecom Commission:

The Telecom Commission was set up by the

Government of India in 1989 with

administrative and financial powers of the

Government of India to deal with various

aspects of Telecommunications. The Telecom

Commission is responsible for policy

formulation, licensing, wireless spectrum

management, administrative monitoring of

PSUs, research and development and

standardization.

d) Telecom Disputes Settlement and Appellate

Tribunal (TDSAT):

TDSAT was set up in May 2000 by the

government of India to adjudicate overdisputes that arise in the telecommunication

sector. TDSAT was established with the view

to protect the interest of the consumers and

service providers of the telecommunication

sector and also to encourage and ensure the

growth of the telecommunication sector. The

chairperson of TDSAT is appointed from the

ranks of chief justice of a High Court or a

Supreme Court judge and holds office for a

period of 3 years. The TDSAT can adjudicate

any disputes that arise between a group ofconsumers and service providers, a licensee

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The Uniform Access

Service Licensing Regime

marked the end of

licensing regime in the

Indian Telecom industry.

It eliminated the need fordifferent licenses for

different services.

NTP-99 laid down a clear

roadmap for future

reforms, contemplating

the opening up of all the

segments of the telecom

sector for private sectorparticipation.

and a licensor, and also between two or more

than the service providers. The power and

function of Telecom Disputes Settlement &

Appellate Tribunal includes that it can hear

the appeal and also dispose appeals that are

against any order, direction, or decision of theTRAI.

B. Reform measures in the Indian Telecom Industry:

a) National Telecom Policy, 1994:

In 1994, the government announced the

National Telecom Policy which defined

certain important objectives including

availability of telephone on demand,

provision of world class services at

reasonable prices, improving Indiascompetitiveness in global markets. It also

announced a series of specific targets to be

achieved by 1997.

b) New Telecom Policy, 1999:

The most important milestone and

instrument of telecom reforms is The New

Telecom Policy, 1999 (NTP 99). It was

approved on 26TH March, 1999. NTP-99 laid

down a clear roadmap for future reforms,

contemplating the opening up of all thesegments of the telecom sector for private

sector participation. It clearly recognized the

need for strengthening the regulatory regime

as well as restructuring the departmental

telecom services to that of a public sector

corporation so as to separate the licensing

and policy functions of the Government from

that of being an operator.

c) Unified Access Service Licensing Regime:

It marked the end of licensing regime in the

Indian Telecom industry. It eliminated the

need for different licenses for different

services. Players were now allowed to offer

both mobile and fixed-line services under a

single license after paying an additional entry

fee. It helped in aligning convergent

technologies and services.

d) Access Deficit Charges (ADC):

ADC makes it mandatory for a serviceprovider at the callers end to share a percent

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The Universal Service

Obligation was put in

place to bridge the wide

gap between urban and

rural teledensity.

Availability of affordable

and effective

communications for the

citizens is at the core of

the vision and goal of the

National Telecom Policy2012.

of the revenue earned with the service

provider at the receivers end in long-distance

telephony. This subsidises the infrastructure

costs of the service provider enabling access

at receivers end, especially because rental for

fixed-line services is low. Revision in theADCs is expected to be followed by further

tariff reduction in telecom services.

e) Universal Service Obligation (USO):

The USO policy was laid to widen the reach of

telephony services in rural India. This system

was put in place to bridge the wide gap

between urban and rural teledensity. All

telecom operators are bound to contribute 5

percent of their revenues to this fund.

Initially, only basic service providers were

under the purview of USO. Later, its scope was

expanded to include mobile services also.

f) National Telecom Policy, 2012:

The primary objective of NTP-2012 is

maximizing public good by making available

affordable, reliable and secure

telecommunication and broadband services

across the entire country. It recognizes the

role of such services in furthering the nationaldevelopment agenda while enhancing equity

and inclusiveness. Availability of affordable

and effective communications for the citizens

is at the core of the vision and goal of the

National Telecom Policy 2012. NTP-2012

also recognizes the predominant role of the

private sector in this field and the consequent

policy imperative of ensuring continued

viability of service providers in a competitive

environment.

Some major objectives of this policy are as

follows:

i. Increase rural teledensity from the

current level of around 39 to 70 by the

year 2017 and 100 by the year 2020.

ii. Provide affordable and reliable

broadband-on-demand by the year

2015 and to achieve 175 million

broadband connections by the year

2017 and 600 million by the year

2020 at minimum 2 Mbps downloadspeed and making available higher

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NTP, 2012 envisages to

promote innovation,

indigenous R&D and

manufacturing to serve

domestic and global

markets, by increasingskills and competencies.

NTP 2012 strives to

create One Nation - One

License across services

and service areas.

speeds of at least 100 Mbps on demand.

iii. Recognize telecom as Infrastructure

Sector to realize true potential of ICT

for development.

iv. Provide high speed and high quality

broadband access to all village

panchayats through a combination of

technologies by the year 2014 and

progressively to all villages and

habitations by 2020.

v. Promote innovation, indigenous R&D

and manufacturing to serve domestic

and global markets, by increasing

skills and competencies.

vi. Create a corpus to promote

indigenous R&D, IPR creation,entrepreneurship, manufacturing,

commercialisation and deployment of

state-of-the-art telecom products and

services during the 12th five year plan

period.

vii. Promote the ecosystem for design,

Research and Development, IPR

creation, testing, standardization and

manufacturing i.e. complete value

chain for domestic production of

telecommunication equipment tomeet Indian telecom sector demand to

the extent of 60% and 80% with a

minimum value addition of 45% and

65% by the year 2017 and 2020

respectively.

viii. Strive to create One Nation - One

License across services and service

areas

ix. Achieve One Nation - Full Mobile

Number Portability and work towards

One Nation - Free Roaming

x. Make available additional 300 MHz

spectrum for IMT services by the year

2017 and another 200 MHz by 2020

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FDI in Indian

Telecom

Sector

Investments viaAutomatic route up to49%

Investments need to be

cleared by FIPB (Foreign

Investment Promotion

Board) beyond 49%

Telecom companies like

Vodafone, Telenor and

Sistema are expected to

gain the immediate

advantage from this

decision as it gives them

the option to establish

their wholly-owned

subsidiaries in India and

embark on an aggressive

plan to compete with

domestic companies like

Airtel and Reliance.

The report released by DoT (Department of

Telecommunications) on 24 Jan, 2014 says thus about the FDI

(Foreign Direct Investment) Policy in the Telecommunications

sector:

Sector/ Activity: Telecom Services (including Telecom

Infrastructure Providers Category I) All telecom

services including Telecom Infrastructure Providers Category-

I, viz. Basic, Cellular, Unified Access Services, Unified

license(Access services),Unified License, National/

International Long Distance, Commercial V-Sat, Public Mobile

Radio Trunked Services (PMRTS), Global Mobile Personal

Communications Services (GMPCS), All types of ISP licences,

Voice Mail/Audiotex/UMS, Resale of IPLC, Mobile Number

Portability services, Infrastructure Provider Category I

(providing dark fibre, right of way, duct space, tower) except

Other Service Providers.

FDI Cap/ Equity: 100%

Entry Route: Investments via Automatic route up to 49%

Investments need to be cleared by FIPB (Foreign Investment

Promotion Board) beyond 49%

Other Conditions: Investments subject to observance of

licensing and security conditions by licensee as well as

investors, as notified by the Department of

Telecommunications (DoT) from time to time

This policy, brought into effect on 1stAugust, 2013 has raised

the Foreign Direct Investment (FDI) cap in telecom to 100

percent from the earlier 74 percent.

Analysis A closer look at the decision to allow 100% FDI in

Telecom Sector in India:

Pros:

a) Eliminates the need for a foreign player to partner with

a local telecom company. Hence, the telecom sector can

now attract investments in the range of USD 10 billion

in the near to long term.

b) It is an attempt to rescue the cash-strapped sector. It is

expected to increase the much needed cash-flows for

telecom companies to meet their expansion plans.

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FDI eliminates the need

for a foreign player to

partner with a local

telecom company. Hence,

the telecom sector can

now attract investments

in the range of USD 10

billion in the near to long

term.

The estimates by Cellular

Association of India

(COAI), suggests that theindustry is marred with a

debt of 1.86 Lakh Crore

and could only attract

less than 9 percent of the

total FDI that came in last

twelve years in the

country.

c) The estimates by Cellular Association of India (COAI),

suggests that the industry is marred with a debt of 1.86

Lakh Crore and could only attract less than 9 percent

of the total FDI that came in last twelve years in thecountry. And considering this, the move is expected to

act as a catalyst in reducing the debt. It is expected to

open the route for fresh investments and would attract

more overseas investors at a time when operators are

struggling with their Capex-based investments.

d) Help in launching of new technology-based services

viz. 4G and BWA services. This could result in huge

benefits for the customers and higher license fees for

the government.

e) All the security issues seem to be taken into account.

Investments above 49 percent still require a go-ahead

from FIPB (Foreign Investment Promotion Board).

f) Telecom companies like Vodafone, Telenor and

Sistema are expected to gain the immediate advantage

from this decision as it gives them the option to

establish their wholly-owned subsidiaries in India and

embark on an aggressive plan to compete with

domestic companies like Airtel and Reliance.

Cons:

a)

Uncertainty about policies - In 2005, India had raisedthe FDI in telecom services companies to 74 percent

from 49 percent. However, this was followed by the

cancellation of 122 telecom licenses by the

government, which rocked the industry. This has

raised fears about speculation that nothing in the

Indian context can be taken as guaranteed and the road

is full of surprises, where policies can be tweaked at

any point of time.

b) Just opening up the FDI route is not sufficient and

additional measures - like allowing inter-operator 3G

roaming to accelerating entries of MVNOs (MobileVirtual Network Operators) - must be taken to help

India-based players to offset the debt burden they are

pressured with.

c) While the decision needs to be appreciated, a concrete

set of confidence-building measures are required, to

rejuvenate the sector and make it look attractive for

investors.

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Mergers and

Acquisitions

in the

Telecom

Sector

Mergers and acquisitions

in the telecommunication

industry have grown by

substantial proportions inIndia since the mid-1990s.

Economic reforms

undertaken in the 1990s in

India opened up the

telecom sector which

predominantly used to be

a state-controlled one.

The telecommunication industry is the fastest growing

industry in almost every country. Both, technology

advancement in the telephony industry in general, and in the

wireless technology in particular, as well as technology

advancement of the Internet contributed the most for the fast

growth of this industry. Telecommunication servicesconstitute the most natural example of network externalities,

since by definition, the nature of these services involves

communicating with a large number of people.

Mergers and acquisitions in the telecommunication industry

have grown by substantial proportions in India since the

mid-1990s. Economic reforms undertaken in the 1990s in

India opened up the telecom sector which predominantly

used to be a state-controlled one. Private investment in the

telecom sector in India not only facilitated the rapid

expansion of telecom services in the urban, as well as ruralparts of India, but also provided the opportunity for mergers

and acquisitions in this sector.

A. Rationale behind mergers in the Telecommunications

industry:

a. Acquisition of licenses or

geographical territories

b. Acquisition of spectrum

c. Acquisition of telecom infrastructure

and network

d.

Acquisition of customer base toachieve an economic base

e. Acquisition of brand value

f. Higher operating profit (EBITDA)

margin

g. Acquisition of Customer Base

B. Instances of Mergers and Acquisitions in

Indian Telecom Space:

The first merger and acquisition deal in the

Indian telecom industry occurred in 1998between Max Group of Delhi and Hutchison

Group of Hong Kong. 41% of stakes of Orange

services in Mumbai was acquired by

Hutchison from Max for 560 million US

Dollars. In the years that followed several

other mergers and acquisitions took place in

the telecommunications sector in India.

Important ones among them include

a) Acquisition of Command Cellular Services in

Kolkata by Hutchison from Usha Martin in

2000

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19

Acquisition of 40.8% in

Spice Telecom by Idea

Cellular for Rs.2720

crores helped Idea gain

entry in the contiguous

wireless markets ofPunjab and Karnataka.

b) Acquisition of 79.24% stakes of Aircel,

Chennai by Sterling group from RPG group for

Rs.210 Crores in 2003

c) Acquisition of 48% stakes in Idea cellular by

Aditya Birla group from the Tata group in

2005d) Acquisition of Hutch services in India by

Vodafone in 2007

e) Acquisition of 40.8% in Spice Telecom by Idea

Cellular for Rs.2720 crores. This deal helped

Idea gain entry in the contiguous wireless

markets of Punjab and Karnataka, which

account for 11% of Indias total wireless

subscribers. Idea also gained an all-India

subscriber market share, which increased

from 9.5% to 11.1%. Ideas operations in the

900 MHz GSM spectrum band increased from

7 service areas to 9 service areas

f) TT DoCoMo paid 2.7 Billion USD for a 26%

stake in Tata Teleservices. The deal values

Tata Teleservices at $10 billion

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SWOT

Analysis of

Indian

Telecom

Sector

3G, 4G and other Quality

Services, such as Mobile

Number Portability

(MNP) are a huge

opportunity for the

Telecom sector.

Strengths:

Huge customer potential

High growth rate

Allowed 100% FDI Limit

High return on investment Liberalization efforts by government

Lower Capital Expenditure

Weaknesses:

Poor Telecommunication infrastructure

Late adopters of new technology

Most competitive market

Market strongly regulated by government

Market difficult to enter because of

requirement of huge financial resources

Opportunities:

3G Telecom Services and 4G Services

More Quality Services, such as Mobile Number

Portability (MNP)

Value Added Services (VAS), such as mobile

banking, mobile ticketing

Boost to Telecom manufacturing companies

Boost to Telecom equipment exports

Horizontal Integration: For example, DTH

services like Reliance BIG TV, Tata SKY bymajor telecom operators like Reliance and

Tata

More scope in content-related services, since

the consumer is influenced by local culture

Threats:

Uncertainty in governments

telecommunication policies, such as in the 2G

and 3G case

Unclear Taxation Policy regarding theretrospective taxation clause whether it is

applicable or not (as has happened in

Vodafone Indias Rs.11,200 crore tax liability

dispute)

Declining ARPU (Average Revenue Per User)

Partiality on the part of the government: for

instance, BSNL and MTNL get preference

before auctioning to private sector

Content piracy

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Emerging

Technologies

in the

Telecom

Sector

According to a release

by NASDAQ,

consolidation within

the telecom industrywill continue mainly

due to shortage of

airwaves and

attainment of

economies of scale.

1. Mobile payments technology is at a tipping

point and a strong growth is likely on this

front.

2. More and more mobile operators are

deploying emerging technologies such as

HetNets to overcome the spectrumexhaustion.

3. Mobile capabilities are being extended into

completely new devices, including wearable

technology such as glasses, smart watches

and fitness/health devices. The benefit

derived from relevant features and

functionality, as well as apps, have greatly

improved the value proposition to

consumers, resulting in increased receptivity

in paying more for devices.

4.

Mobile Collaboration - Extends the

capabilities of video conferencing for use on

hand-held mobile devices in real-time over

secure networks. It can be used in diverse

industries such as manufacturing, energy, and

healthcare.

5. According to a release by NASDAQ,

consolidation within the telecom industry will

continue mainly due to shortage of airwaves

and attainment of economies of scale.

Innovative product launches are expected inthe areas of m-Commerce, virtualization and

cloud-based technology, high-speed metro

Ethernet, to name a few.

6. Growth of software-defined networking

(SDN) and network function virtualization

(NFV) has encouraged newly emerging digital

media companies to invest heavily in the

telecommunications infrastructure market.

SDN provides customers with increased

bandwidth utilization, higher reliability and

reduced capital spending. NFV is designed toconsolidate and deliver the networking

components needed to support a fully

virtualized infrastructure -- including virtual

servers, storage and even other networks. It

utilizes standard IT virtualization

technologies.

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22

Major

players in

the Indian

Telecom

Sector

Airtel is the largest

cellular service provider

in India and had nearly287 million subscribers

across its operations by

the end of Dec 2013.

Bharti Airtel Limited:

Established: 7 July 1995

Founder: Sunil Bharti Mittal

Headquarters: Bharti Crescent, 1, Nelson MandelaRoad, New Delhi, India

Areas served: India & South Asia, Africa, and theChannel Islands

Key people:

Mr. Sunil Bharti Mittal (Chairman)

Mr. Gopal Vittal (MD & CEO - India and South Asia)

Key snippets:

Airtel operates in 20 countries across SouthAsia, Africa, and the Channel Islands.

Airtel has a GSM network in all countries inwhich it operates, providing 2G, 3G and 4Gservices depending upon the country ofoperation.

Airtel ranks among the world's top 4 mobileservice providers by subscribers.

Airtel is the largest cellular service provider inIndia and had nearly 287 million subscribersacross its operations by the end of Dec 2013.

Airtel is the second largest in-country mobileoperator by subscriber base, behind ChinaMobile.

Key Services:

In India, the company's product offerings include

2G, 3G and 4G wireless services

mobile commerce

fixed line services

high speed DSL broadband IPTV

DTH enterprise services including national &

international long distance services tocarriers

In the rest of the geographies, it offers

2G, 3G wireless services

mobile commerce

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Airtel operates in 20countries across SouthAsia, Africa, and theChannel Islands.

Airtel ranks among theworld's top 4 mobileservice providers by

subscribers.

Financial Year Ended March 31, 2014

Source: Bharti Airtel Annual Reports



Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 201

Total Customer Base (mn) 7.1 11.8 20.9 39 64.3 97.5 137.00 220.80 251.60 271.20 296.00

Mobile Services (mn) 6.5 11.00 19.6 37.1 62.00 94.5 131.3 212.00 241.10 259.80 283.60

Broadband and Telephone Services (mn) 2.7 3.1 3.3 3.30 3.30 3.40

Digital TV Services (mn) 0.4 2.6 5.6 7.20 8.10 9.00

0

50

100

150

200

250

300

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Subscribers(inm

n)

Year

Subscriber Base

Total Customer Base (mn) Mobile Services (mn)

0

1

2

3

4

5

6

7

8

9

2009 2010 2011 2012 2013 2014

S

ubscribers(inmn)

Year

Broadband and Digital TV

Broadband and Telephone Services (mn) Digital TV Services (mn)

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Data revenue for Airtel

rose 38% to $102

million, helped by an

increase in data usage

per customer.

India is its biggest

market, contributingnearly three-fourths of

the overall revenue.

Financial Snapshot (in million rupees) for the year ended March 31, 2014




Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Revenue 50369 81558 116641 184202 270122 373521 418948 595383 714508 803112 857461

EBITDA 17055 30658 41636 74407 114018 152858 168149 200718 237123 248704 277770

PAT 5837 12116 20279 40621 63954 78590 89768 60467 42594 22757 27727

0

100000

200000

300000

400000

500000

600000

700000

800000

900000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Amount(inmn

)

Year

Revenue (in million rupees)

Revenue

0

50000100000

150000

200000

250000

300000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Amou

nt(inmn)

Year

EBITDA (in million rupees)

EBITDA

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In February 2014,

Vodafone acquired

airwaves in 11 circles in

the 900 MHz and 1,800

MHz bands, which will

enable the company toprovide customers with

enhanced mobile voice

and data services across

the country

Vodafone India Limited,

formerly Vodafone Essar

Limited, is the second

largest mobile network

operator in India by

subscriber base.


Vodafone India Pvt. Ltd.:

Established: 8 May 2007 (when Vodafone acquired the

controlling interest of 67% held by Li Ka Shing Holdings

in Hutch-Essar for US$11.1 billion)

Headquarters: Peninsula Corporate Park, Lower Parel,

Mumbai

Predecessor: Hutchison Essar Limited

Parent: Vodafone Group plc

Areas Served: 21 States and UTs in India

Key People:

Mr. Marten Pieters (CEO)

Mr. Analjit Singh (Non-Executive Chairman and Partner)

Mr. Vittorio A.Colao (Independent Director and CEO of

Vodafone Group)

History:

On 11 February 2007, Vodafone agreed to

acquire the controlling interest of 67% held

by Li Ka Shing Holdings in Hutch-Essar for

US$11.1 billion, piping Reliance

Communications, Hinduja Group, and Essar

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Amount(inmn)

Year

Profit After Tax (in million rupees)

Profit After Tax

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Vodafone boasts of over

120,000 km of fibre, over

100,000 base stations,

3G-ready network and

all-IP Switches

Hutchison Essars Cheeka

the pug marketing

campaign was a huge

success, and Vodafones

Zoozoos marketing

campaign was an even

bigger hit.

Group, which was the owner of the remaining

33%.

On March 31, 2011, Vodafone Group Plc

announced that it would buy an additional

33% stake in its Indian joint venture for $5

billion after partner Essar Group exercised anoption to sell the holding in the mobile-phone

operator. The deal raised Vodafones stake to

75%.

Essar left the company after it implemented a

put option over 22% of the venture. Vodafone

exercised its call option to buy an 11% stake.

Vodafone acquired the entire indirect interest

held by Analjit Singh and Neelu Analjit Singh

in Vodafone India and the 10.97% stake of

Piramal Enterprises Ltd in Vodafone India for

over Rs.10,000 crore, taking its holding in the

Indian subsidiary to 100%.

In February 2014, Vodafone acquired

airwaves in 11 circles in the 900 MHz and

1,800 MHz bands, which will enable the

company to provide customers with

enhanced mobile voice and data services

across the country

Key Snippets:

Vodafone India Limited, formerly VodafoneEssar Limited, is the second largest mobile

network operator in India by subscriber base.

It had approximately 160 million customers

as of December 2013 (94% of these were

prepaid customers).

Rs.37,606 crore in revenue as of 31 March,

2014

23.4% market share in India as of 31 March,

2014

Vodafone boasts of over 120,000 km of fibre,

over 100,000 base stations, 3G-ready

network and all-IP Switches

Key Services:

Mobile telephony

Wireless broadband

3G

M-pesa

Marketing Campaigns:

Vodafone Zoozoos

BlackBerry Boys

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Vodafone Indias data

users grew 39% to 52

million from 37.3 million

at the end of the financial

year 2014. Of this, 3G

users increased to 7million, more than

double the 3.3 million 3G

connections reported at

the end of March 2013.

Vodafone acquired the

entire indirect interest

held by Analjit Singh

and Neelu Analjit Singh

in Vodafone India

Pug (network campaign)

Chota Recharge

Delights

Made For You campaign

Source: Vodafone India



Year 2007 2008 2009 2010 2011 2012 2013 2014

Subscriber (mn) 26.40 44.10 71.50 100.80 134.60 150.50 152.30 169.80

Market Share (%) 21.78 23.85 24.00 23.91 23.63 22.66 23.05 23.40

0.00

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2007 2008 2009 2010 2011 2012 2013 2014

No.ofsubscribers(mn)

Year

Subscribers (mn)

Subscriber (mn)

20.50

21.00

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22.00

22.50

23.00

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24.00

2007 2008 2009 2010 2011 2012 2013 2014

MarketShare(%)

Year

Market Share (%)

Market Share (%)

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On 11 February 2007,

Vodafone agreed to

acquire the controlling

interest of 67% held by Li

Ka Shing Holdings in

Hutch-Essar for US$11.1billion

The key performanceindices for the company

showed a significant

improvement with

minutes of usage per

subscriber rising 2.5%

to 424 minutes from

413.


Source: Vodafone Annual Reports



Year 2009 2010 2011 2012 2013 2014

Revenue (in mn GBP) 2689 3114 3855 4265 4324 4394

EBITDA (in mn GBP) 717 807 985 1122 1240 1397

Adjusted Operating Profit (in mn GBP) -30 -37 15 60 221 354

0

500

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20002500

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3500

4000

4500

2009 2010 2011 2012 2013 2014

Revenue(inmnGBP)

Year

Revenue (in mn GBP)

Revenue (in mn GBP)

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600

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1400

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EBITDA (in mn GBP)

EBITDA (in mn GBP)

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Vodafone India Ltd.

reported a 13% rise in

service revenue for the

year ended March to

Rs.37,606 crore from

Rs.33,281 crore reportedlast year

The company reported

browsing revenue at

Rs.3,436.9 crore in the

fiscal, a 72% growth over

last years revenue.


For the year ended March 2014,

Vodafone India Ltd. reported a 13% rise in service

revenue for the year ended March to Rs.37,606 crore

from Rs.33,281 crore reported last year

The increase is on account of significant customer

additions, higher tariffs, and strong growth in datarevenue

According to the numbers released by the company,

data accounts for 13% of total revenues for the Indian

unit.

Vodafone Indias data users grew 39% to 52 million

from 37.3 million at the end of the financial year 2014.

Of this, 3G users increased to 7 million, more than

double the 3.3 million 3G connections reported at the

end of March 2013.

The company is also seeing an increase in usage with

3G usage per subscriber rising to 679 MB at the end of

March 2014 as compared to 419 MB in the previous

fiscal, a growth of 62%.

The company reported browsing revenue at Rs.3,436.9

crore in the fiscal, a 72% growth over last years

revenue.

The key performance indices for the company also

showed significant improvement with minutes of

usage per subscriber rising 2.5% to 424 minutes from

413. Average revenue per minute for the company

also rose 6.2% to 47 paisa from 44.3 paisa.

-50

0

50

100

150

200

250

300

350

400

2009 2010 2011 2012 2013 2014AdjustedOperatingProfit(inmnG

BP)

Year

Adjusted Operating Profit (in mn GBP)

Adjusted Operating Profit (in mn GBP)

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Idea Cellular is present in

22 service areas, spread

across over 55,000 towns

in India.

Idea is a pan-India

integrated GSM operatoroffering 2G and 3G

services, and has its own

NLD and ILD operations,

and ISP license.

Idea Cellular Limited:

Established: 1995 as Birla Communications Limited

Headquarters: Santacruz East, Mumbai

Areas served:

22 service areas, spread across over 55,000 towns inIndia

Nearly 4,500 Idea outlets across India

Parent Company: Aditya Birla Group (49.1% stake)

Key people:

Mr. Kumar Mangalam Birla (Chairman)

Mr. Himanshu Kapania (MD)

Mr. Ambrish Jain (Deputy MD)

Key Snippets:

Idea is Indias 3rd largest mobile operator.

Idea ranks among the Top 10 country operators in theworld with a traffic of over 1.5 billion minutes a day.

Ideas customer service delivery platform is ISO9001:2008 certified, making it the only operator in thecountry to have this standard certification for all 22service areas and the corporate office.

Every 4th mobile user who exercises choice through

MNP (Mobile Number Portability), prefers Idea. Currently, Aditya Birla Group holds 49.1% of the total

shares and Malaysia- based Axiata controls a 14.99%stake in the company.

Key Services:

Idea is a pan-India integrated GSM operator offering2G and 3G services, and has its own NLD and ILDoperations, and ISP license.

It offers a range of high-speed mobile broadbanddevices including Android-based 3G smartphones,

dongles etc. Ideas wide portfolio of 3G smartphones offer the latest

in 3G applications and high-end data services such asIdea TV, games, social networking etc.

It is the first mobile operator to introduce innovativevalue added services in the Indian telephony market.

Source: Idea Cellular Annual Reports; RSDT

Year 2006 2007 2008 2009 2010 2011 2012 2013 2014

Subscri bers (mn) 14.01 24.00 43.02 63.82 89.50 91.90 113.00 121.60 128.7

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Ideas wide portfolio of

3G smartphones offer the

latest in 3G applications

and high-end data

services such as Idea TV,

games, social networkingetc.

Idea is the first mobile

operator to introduce

innovative value added

services in the Indian

telephony market.

Source: Idea Cellular Annual Reports




0.00

20.00

40.00

60.00

80.00100.00

120.00

140.00

2006 2007 2008 2009 2010 2011 2012 2013 2014

No.ofsubscribers(inmn)

Year

Subscribers (mn)

Subscribers (mn)

Year 2006 2007 2008 2009 2010 2011 2012 2013

Revenue (in INR mn) 29869.20 43873.20 67374.50 101543.80 124990.20 155032.20 195411.20 224577.00

EBITDA (in INR mn) 10864.40 14861.90 22692.60 28364.40 34590.90 37906.50 50923.80 60046.00

PAT (in INR mn) 2117.60 5022.20 10423.10 8815.80 9539.40 8987.00 7229.90 10109.00

0.00

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100000.00

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Year

Revenue (in INR mn)

Revenue (in INR mn)

RSDT



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Idea ranks among the

Top 10 country

operators in the world

with a traffic of over 1.5

billion minutes a day.

Every 4th mobile user

who exercises choice

through MNP (MobileNumber Portability) in

India, prefers Idea.



0.00

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20000.00

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EBITDA(mn)

Year

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EBITDA (in INR mn)

0.00

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4000.00

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8000.00

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12000.00

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ProfitAfterTax(mn)

Year

PAT (in INR mn)

PAT (in INR mn)

RSDT



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References

1. www.dot.gov.in2. www.trai.gov.in3. www.commerce.nic.in4. www.adityabirla.com5. www.ideacellular.com6. www.vodafone.com7. www.vodafone.in8. www.bharti.com9. www.airtel.in

10.

www.forbes.com11.www.gsmaintelligence.com12.www.telecomtiger.com13.http://blogs.hbr.org14.www.moneycontrol.com15.Telecom Sector in India Vision 2020, released by

Planning Commission16.Telecom: Enabling growth and serving the masses,

by Deloitte India17.Changing role of regulation, by Telecom Centres of

Excellence (TCoE)18.Telecom Industry Market Research, by Plunkett

Research19.A brief report on Telecom sector in India, by CCI

(Competition Commission of India)20.Media and Telecommunications industry outlook,

by KPMG

RSDT

http://www.dot.gov.in/http://www.dot.gov.in/http://www.trai.gov.in/http://www.trai.gov.in/http://www.commerce.nic.in/http://www.commerce.nic.in/http://www.adityabirla.com/http://www.adityabirla.com/http://www.ideacellular.com/http://www.ideacellular.com/http://www.vodafone.com/http://www.vodafone.com/http://www.vodafone.in/http://www.vodafone.in/http://www.bharti.com/http://www.bharti.com/http://www.airtel.in/http://www.airtel.in/http://www.forbes.com/http://www.forbes.com/http://www.forbes.com/http://www.gsmaintelligence.com/http://www.gsmaintelligence.com/http://www.gsmaintelligence.com/http://www.telecomtiger.com/http://www.telecomtiger.com/http://www.telecomtiger.com/http://blogs.hbr.org/http://blogs.hbr.org/http://blogs.hbr.org/http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.moneycontrol.com/http://blogs.hbr.org/http://www.telecomtiger.com/http://www.gsmaintelligence.com/http://www.forbes.com/http://www.airtel.in/http://www.bharti.com/http://www.vodafone.in/http://www.vodafone.com/http://www.ideacellular.com/http://www.adityabirla.com/http://www.commerce.nic.in/http://www.trai.gov.in/http://www.dot.gov.in/


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Editorial Team

I - Team

1. Ankit Kaushik (Marketing)

2. Anirudh D (Finance)

3. Mandeep Sandhu (Operations)

4. Neha Bajaj (Finance)

5. Nikita Jain (Marketing)

6. Rashdip Wadhawan (Finance)

Research and Scholastic Development Team

Research and Scholastic Development Team

Symbiosis Institute of Business Management Pune,

Symbiosis Knowledge Village,

Gram Lavale

Pune-412115

[email protected]

S Team

1. Devashish Sharma (Finance)

2. Ashwin C T (Marketing)

3.

Bhavna Ganesan (Marketing)

4. Gaurav Phadke (Finance)

5. Velivala Gopi Tharun (Operations)

6. Vinit Gandhi (Marketing)

Beacon Sector Special 2014 - Telecom Sector

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Transcript of Beacon Sector Special 2014 - Telecom Sector