VARINDIA IT MAGAZINE

Reliance Jio Infocomm Limited (“RJIL”) has signed a definitive agreement for the acquisition of specified assets of Reliance Communications Limited (“RCOM”) and its affiliates. The acquisition is subject to receipt of requisite approvals from the Governmental and regulatory authorities, consents from all lenders, release of all encumbrances on the said assets and other conditions precedent. The consideration is payable on completion and is subject to adjustments as specified in the agreement. An asset monetization process for RCOM assets was mandated by the lenders of RCOM, who appointed SBI Capital Markets Limited to run the process. The process is supervised by an independent group of distinguished industry experts. RJIL emerged as the successful bidder in the two-stage bidding process.... Read More

Bitcoin or virtual currencies (VC) has grown to 20-fold rise to reach new high to 3000% this year. It is like the elephant in the room, a lot of people don’t want to talk about it because they have invested in it. Bitcoin does not have a legal status as a currency in most of the world, and authorities usually do not know how best to approach thefts. Some larger exchanges have replaced customer funds after a theft from the exchange itself, but at this stage they are not legally obliged to do so. The entire process works with blockchain, which is a record of all transactions on a decentralised network of computers across the world. Bitcoin going Mainstream… Bitcoin has provoked gambling. Bitcoin is a decentralized global digital currency that runs on a peer-to-peer network called the blockchain. It was launched in 2009 by a person or group of people operating under the name Satoshi Nakamoto. The currency obeys its own internal logic. Bitcoin has hit a tipping point ...

In the wake of the current consolidation in the telecom industry, while also the Vodafone-Idea merger and sector-wide financial stress, Huawei Technologies has brought down its direct workforce in India by almost a third. The economic stress caused in the sector after the disruption caused by billionaire Mukesh Ambani-owned Reliance Jio's entry, and the amalgamation between Vodafone and Idea have proved to be a double setback for the network vendor's workforce. A company source said, on the condition of anonymity said, that there has been a job cut since early this year with nearly 30% of the employees having now gone out of the company, while some of them who were in the field teams have been rehired on a contractual basis. The employees were asked to leave on the basis of performance, network shutdowns and declining telco business, the source added...... Read More