It is the largest Mobile VAS acquisition in India of the 2008-09 fiscal, and now Tecnomen has received an approval from India's Foreign Investment Promotion Board to invest Rs. 133.79 crores (approximately $26.2 million at current rates) for "acquisition of equity shares by way of share swap and cash arrangement". This approval is likely to be for the $44 Million acquisition of 96.6% in Lifetree Convergence. The deal was announced in December. Lifetree Convergence used to power Indiatimes 58888 service, before Buongiorno took over that mandate, and it provides telecom billing, customer care, rating, and messaging platforms. As of October 31st 2008, Lifetree had zero debt, net assets of EUR 8.4 million, cash of EUR 9.5 milion - and an enterprise value of EUR 24.9 million. Approval Later Than Expected; Economic Affairs or Telecom? The approval has come two months later than Tecnomen had expected: the transaction was supposed to have been completed by the quarter that ends tomorrow, so it appears that the closure of the deal has also been delayed. We found it interesting that this approval by the FIPB is under the "Economic Affairs" head, and not Telecom. Telecom has a foreign investment limit of 74%, but it appears that mobile VAS does not, which means that Tecnomen can pick up as much as 96.6%. Transaction Details: Mostly Cash The total consideration for Lifetree's shares is EUR 33.2 million (around Rs. 223 crores at current prices), which will be paid through a combination of cash and issuance of new Tecnomen shares. Of…
- India’s central bank launches pilot of e-Rupee for retail segment: Here’s everything to know November 29, 2022
- Event Announcement: Reworking the Data Protection Bill, Delhi, 8th Dec #Ad November 29, 2022
- Telegram Discloses Names, Numbers, IP Addresses of Alleged Copyright Infringers to Delhi HC November 29, 2022
- Nashik residents question the linking of Aadhaar with Voter ID November 29, 2022
- What can we learn about crypto scams from WazirX’s latest transparency report? November 29, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...