Dilip Gaur, Busi­ness Di­rec­tor, Pulp & Fi­bre, Aditya Birla Group

Business Sphere - - CONTENTS - By Our Correspondent

Voda­fone In­dia and Idea Cel­lu­lar Lim­ited (“Idea”)1 have separately agreed to sell their re­spec­tive stand­alone tower busi­nesses in In­dia to ATC Tele­com In­fra­struc­ture Pri­vate Lim­ited (“ATC TIPL”, formerly Viom)2 for an ag­gre­gate en­ter­prise value of INR78.5 bil­lion (US$1.2 bil­lion)3. The stand­alone tower busi­nesses of Voda­fone In­dia and Idea are panIn­dian pas­sive telecom­mu­ni­ca­tion in­fra­struc­ture busi­nesses, com­pris­ing a com­bined port­fo­lio of ap­prox­i­mately 20,000 tow­ers with a com­bined ten­ancy ra­tio of 1.65x as at 30 June 2017. Idea will sell its en­tire stake in ICISL and Voda­fone In­dia will sell a busi­ness un­der­tak­ing to ATC TIPL. Both Voda­fone In­dia and Idea as cus­tomers, and ATC TIPL as a mo­bile net­work in­fra­struc­ture provider, have agreed to treat each other as long-term pre­ferred part­ners, sub­ject to ex­ist­ing ar­range­ments. The par­ties will work to­gether to fur­ther the ex­pan­sion of high speed mo­bile net­works in In­dia. Af­ter Voda­fone In­dia and Idea have com­pleted their merger, ~6,300 colo­cated ten­an­cies of the two op­er­a­tors on the com­bined stand­alone tower busi­nesses will col­lapse into sin­gle

ten­an­cies over a pe­riod of two years with­out the pay­ment of exit penal­ties4. This trans­ac­tion fol­lows the Voda­fone In­dia / Idea merger an­nounce­ment of 20 March 2017 whereby the par­ties an­nounced their in­ten­tion to sell their in­di­vid­ual stand­alone tower busi­nesses to strengthen the bal­ance sheet of the com­bined busi­ness. In the event that the com­ple­tion of the sale of the stand­alone tower busi­nesses pre­cedes the com­ple­tion of the pro­posed merger of Voda­fone In­dia and Idea, Voda­fone In­dia will re­ceive INR38.5 bil­lion (US$592 mil­lion) and Idea will re­ceive INR40.0 bil­lion (US$615 mil­lion)5. The re­ceipt of these pro­ceeds prior to com­ple­tion was an­tic­i­pated and pro­vided for in the merger agree­ment and hence would not af­fect the agreed terms of the Voda­fone In­dia and Idea merger, in­clud­ing the amount of debt which Voda­fone will con­trib­ute to the com­bined com­pany at com­ple­tion6. Com­ple­tion of the trans­ac­tion is sub­ject to cus­tom­ary clos­ing con­di­tions and re­ceipt of nec­es­sary reg­u­la­tory ap­provals, and is ex­pected to take place dur­ing the first half of cal­en­dar year 2018.

Birla Cel­lu­lose is Num­ber One Glob­ally for Its Com­mit­ment to Sus­tain­able Forestry Man­age­ment

Birla Cel­lu­lose of the Aditya Birla Group has been ranked Num­ber one glob­ally by the NGO Canopy, in its Hot But­ton Re­port for its work on the con­ser­va­tion of an­cient and en­dan­gered forests. Birla Cel­lu­lose has a ‘light green shirt’ rank­ing in the up­dated and ex­panded edi­tion of the Hot But­ton Re­port re­leased re­cently, which ranks eleven vis­cose rayon pro­duc­ers that rep­re­sent 70 per cent of global vis­cose pro­duc­tion. "We are proud of the global in­dus­try lead­ing rank­ing of Birla Cel­lu­lose and thank Canopy for ac­knowl­edg­ing our sus­tain­abil­ity ef­forts from for­est to fash­ion. This re­in­forces our be­lief that sus­tain­abil­ity is core to our busi­ness strat­egy," said Dilip Gaur, Busi­ness Di­rec­tor, Pulp & Fi­bre, Aditya Birla Group and Man­ag­ing Di­rec­tor – Grasim In­dus­tries Ltd. “High con­ser­va­tion value forests are an im­por­tant part of our global ecosys­tems. At Birla Cel­lu­lose, we use only sus­tain­ably sourced fi­bre for our pulp op­er­a­tions. We ad­here to the strict stan­dards of our global fi­bre sourc­ing pol­icy, which fo­cuses on pro­tec­tion of high con­ser­va­tion value and an­cient and en­dan­gered forests,” states Vinod Ti­wari, Chief Op­er­at­ing Of­fi­cer, Pulp Busi­ness, Birla Cel­lu­lose. He added, “Birla Cel­lu­lose has been striv­ing to de­liver qual­ity prod­ucts while pro­tect­ing the en­vi­ron­ment, and the ef­forts of all team mem­bers have made this achieve­ment pos­si­ble.” “We en­gage with the en­tire tex­tile value chain and sup­port global brands for their sus­tain­abil­ity jour­ney and be­ing a re­spon­si­ble part­ner to their sourc­ing needs. We have plans to fur­ther sup­port in trace­abil­ity, certifications and sus­tain­able in­no­va­tions,” added Ra­jeev Gopal, Chief Mar­ket­ing Of­fi­cer, Birla Cel­lu­lose. Birla Cel­lu­lose has suc­cess­fully com­pleted Canopy Style au­dit and its cur­rent sup­ply chains con­firm that the risk of sourc­ing wood from an­cient and en­dan­gered forests or other con­tro­ver­sial sources is low risk, which an in­dus­try is lead­ing re­sult. Canopy’s Hot But­ton is­sue ranks the world’s top vis­cose pro­duc­ers on their progress on elim­i­nat­ing en­dan­gered forests from their sup­ply. This year the rank­ing fea­tures five new cri­te­ria, in­clud­ing pri­or­i­ties on con­ser­va­tion so­lu­tions and trans­parency where Birla Cel­lu­lose has leader scores. The re­port is highly an­tic­i­pated by over 105 global brands, re­tail­ers and de­sign­ers that are part of the Canopy Style ini­tia­tive. It has be­come a “goto” re­source for fash­ion brands since first pub­lished in 2016.

Dilip Gaur, Busi­ness Di­rec­tor, Pulp & Fi­bre, Aditya Birla Group

Ra­jeev Gopal, Chief Mar­ket­ing Of­fi­cer, Birla Cel­lu­lose

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