iWorld
Rs 30k cr to enhance Jio coverage; A-G clears DoT’s power to penalise telcos
MUMBAI: Even as India’s attorney-general cleared a Rs 3,050 crore penal action against the leading telcos, Reliance CMD Mukesh Ambani is planning to infuse Rs 30,000 crore in Reliance Jio telecom venture which has caused a major disruption in India’s fiercely-competitive mobile market.
The attorney-general is understood to have opined that the Department of Telecom (DoT) has the power to impose penalty on grounds of poor quality of service of telecom operators Vodafone, Bharti Airtel and Idea Cellular, sources told PTI.
Reliance Jio, which reportedly had a subscriber base of 72.4 million at 2016-end, plans to collect funds via a rights issue that was approved at a recent board meeting, the Times of India reported.
In view of the unprecedented customer response and to address the anticipated growth in demand for digital services, Jio stated, additional investments were proposed to be made into the network to enhance its capacity and coverage. The new funds will come on top of the Rs 1.7 lakh crore that Reliance Jio has already invested.
The rights issue has been planned to be for six billion nine per cent non-cumulative optionally convertible preference shares (OCPS) of Rs 10 each for cash, at a premium of Rs 40 per OCPS. The amount subscribed/paid on each OCPS will be either redeemed at Rs 50 or converted into five equity shares of Rs 10 each at any time at the option of the company, but not later than 10 years from the date of allotment.
The new entrant Jio caused a considerable disruption in the space. In broadband services, with 35.94 million (3.594 crore), Jio had, in October 2016, joined the top five subscribers list. No matter it is working out to the benefit of the consumer and helping the industry expand albeit at a much lower cost to the end-user, well-entrenched rivals now are on a slippery wicket. Meanwhile, other telecom operators in the country are scrambling to catch up.
Telecom tribunal TDSAT has ordered the Telecom Regulatory Authority of India (TRAI) to take a stand on Reliance Jio’s free 4G offer in reasonable time. A tribunal bench heard arguments of both sides — TRAI and Airtel — and posted the matter for 1 February.
Reliance Jio earlier chose not to respond to queries regarding its reply to TRAI in connection with questions raised against alleged violations in extending its free offer till 31 March 2017 much beyond its introductory offer. Airtel had filed a petition before TDSAT accusing TRAI of being ‘sleeping trustee’ and a ‘mute spectator’ to the violations carried out by Jio.
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Darwin effect: 3-4 telcos may Jio after potential M&As
Jio HNY: TDSAT raps TRAI as contest deepens
Respond to Vodafone’s TRAI challenge in two weeks, govt directed
iWorld
Prime Video and Hrithik Roshan reunite for quirky heist comedy Mess
HRX Films expands pact with quirky heist comedy set for production
MUMBAI: Prime Video is doubling down on its partnership with Hrithik Roshan, announcing a new comedy film Mess that promises chaos, chuckles and a clever twist on the classic heist.
Produced by Hrithik Roshan and Eshaan Roshan under HRX Films, a division of FilmKraft Productions, the film is being made in association with Soda Films Lab. Directed by Rajesh A Krishnan, Mess marks the second collaboration between the streaming platform and HRX Films after the upcoming thriller Storm.
At the heart of Mess lies an unusual premise. A group of robbers break into the home of a man with OCD, only to find themselves outmatched in a night-long standoff that flips the script on who is really in control. It is a set-up that blends tension with humour, turning a break-in into a breakdown of expectations.
Prime Video India director and head of originals Nikhil Madhok said, “A good story should surprise and entertain, and Mess does both with ease. It brings together a unique premise, memorable characters and a tone that keeps you laughing throughout.”
He added that the collaboration with HRX Films continues to grow stronger, with the new film reflecting a shared appetite for bold and original storytelling.
Hrithik Roshan said, “After Storm, Mess feels like a natural next step in our journey with Prime Video. The film captures the kind of unconventional storytelling we want to champion, with Rajesh bringing a distinctive voice to the narrative.”
Director Rajesh A Krishnan said, “The world of Mess is a mix of comedy and chaos, unusual enough to keep audiences on edge while still delivering humour. It has been a deeply collaborative and creatively fulfilling experience.”
The original screenplay comes from Paul Soter, with adaptation and dialogues by Kapil Sawant, adding another layer of craft to the film’s offbeat narrative.
As production gears up, Mess looks ready to live up to its name, serving up a delightful tangle of mayhem, mischief and movie magic for audiences in India and beyond.
