Intelsat wins key India approval to start direct broadcast services
Intelsat
has won a key approval from India's space regulator to start providing
satellite-based broadcast services
.
The 'significant regulatory achievement' puts Intelsat on an accelerated path to offering new services, and further extends investment in India, the
satellite communications
(satcom) company said on Tuesday.
The company has secured authorisation for four geostationary (GEO) satellites providing
C-band coverage
over India through four satellites – IS-17, IS-20, IS-36 and IS-39.
The approved satellite fleet will primarily serve India's
broadcast media industry
, enabling enhanced content delivery and distribution capabilities across the subcontinent and from India to other regions globally.
Following the authorisation from the Indian National Space Promotion and Authorisation Centre (
IN-SPACe
), Intelsat won new business from three of India's largest media companies, the company said, adding that the deals will see Intelsat deliver the full portfolio of media content to viewers in India.
'Our extensive satellite network with four satellites covering the region will provide Indian broadcasters with reliable, high-quality connectivity solutions that meet their evolving needs. This authorization enables us to better serve our customers and contribute to India's growing media landscape,' said Gaurav Kharod, regional vice president for Asia Pacific at Intelsat.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
6 hours ago
- Indian Express
Mithi river desilting ‘scam': Court says no justification of ‘Rs 2.41 crore as CEO salary', rejects accused's bail plea
In a detailed order rejecting the bail plea of the main accused in the Mithi river desilting 'scam' case, a special court has considered that there was no document to show that the accused was given Rs 2.41 crore as salary as CEO to explain the transfer of money to his personal account. The court had on July 11 rejected bail to Ketan Kadam, the CEO of firm Virgo Specialities. The Mumbai Police had claimed that Kadam entered into a contract with a company — Maptrop Technical Services — which supplied machines in a manner which compelled contractors carrying out desilting of the river to hire the machines at an inflated rate, causing wrongful loss to the civic body Brihanmumbai Municipal Corporation (BMC). 'It appears from statement of Bhushan Salunke and ledger accounts statement of M/s. Virgo that the said company had transferred Rs 6 crores for purchase of the machines to MAPTROP Ltd. and out of that, Rs.2,41,20,000/- has been transferred in the personal account of the applicant (Kadam). Even though the Advocate for the applicant submitted that said amount is salary of the applicant as CEO, however there is no document for such justification for receiving such huge salary. Even there is no document showing that, how much monthly salary was agreed to be given by Virgo to the applicant,' special judge N G Shukla said in the order, which was made available on Tuesday. The case against Kadam and others including BMC officials is that while tenders were issued for desilting of the Mithi river from 2019 to 2024, conditions were inserted in the terms of agreement to compel contractors to hire machines from the company linked to Kadam. He denied this, claiming that contractors were free to purchase machines from other companies as per the tender documents. One of the allegations against Kadam is that he incurred expenses of flight tickets and lodging of three BMC officials from his bank account for visits to Delhi for demonstration of the machines, as was submitted by additional public prosecutor Chaitrali Panshikar. 'If applicant would have acted merely as an employee, he had no reason to spent money from his personal account on flight tickets and hotel expenses of BMC officers prior to execution of tripartite agreement (MOU) and Agreement of Hire with the contractors. This clearly shows involvement of applicant as a conspirator in setting terms and conditions of the tenders in a manner of compelling the contractors to hire the machines from Virgo. There was preplan of applicant to purchase machines by setting the terms of tenders, therefore, he has incurred said expenses,' the court said, referring to the agreement which said that the supplier can only rent machines from Virgo. Kadam had referred to terms and conditions, claiming no such compulsion to hire was imposed. The court also said that prima facie, there is proof that Kadam had personally gained from the contractors through shell companies, calling him the key person in the conspiracy who acted as intermediary with the BMC. 'Investigation is still in progress and statements of number of the witnesses, including the high ranking BMC officers, are yet to be recorded. Considering influencing personality of applicant, if released on bail, he may influence witnesses and create hurdle in investigation,' the court said. The Enforcement Directorate has also this week sought permission to record Kadam's statement in jail in connection with its own probe into the case.
Time of India
8 hours ago
- Time of India
Bank of Maharashtra Q1 profit rises 23% YoY to Rs 1,593 crore
Bank of Maharashtra on Tuesday reported a 23% year-on-year rise in net profit at Rs 1,593 crore for the first quarter of the fiscal, helped by lower provisions and steady business expansion. Its asset quality remained stable. Its net profit was Rs 1,293 crore in the year ago period. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Lifetime Office 365 Download Undo The bank's net interest margin (NIM) for the quarter stood at 3.95% as compared with 4.01% in the preceding quarter and 3.97% in the year ago period. "The NIM contracted due to the reduction in lending rates. We are trying to protect the NIM by managing the liability side of our business," managing director Nidhu Saxena said after announcing the quarterly numbers. The Pune-headquartered lender's operating profit rose 12% year-on-year at Rs 2,570 crore. Total income in the quarter under review stood at Rs 7,879 crore against Rs 6,769 crore in the year-ago period. Net interest income rose 17.6% at Rs 3,292 crore. Live Events It has made lower provisions and contingencies at Rs 86742 crore during the quarter as compared with Rs 95047 crore. Provisions to cover bad loans however stood higher at Rs 71903 crore against Rs 58639 crore. The bank's gross non-performing assets ratio remained steady at 1.74% at the end of June, little changed from three months ago. The ratio however improved from 1.85% a year-ago, despite the bank recording higher slippages of Rs 727 crore against Rs 592 crore over the same period, largely due to stress in agricultural loan. "Recovery and upgradation helped to reduce the NPA ratio," Saxena said. BoM's advances grew 15.34% year-on-year to Rs 2.41 lakh crore, even as the banking sector's average credit growth remained in single digit in the first three months of the fiscal. The bank is projecting a 17% expansion in advances for FY26. The bank is planning to raise Rs 10,000 crore in infrastructure bonds this fiscal. The state-owned lender also has board approval to raise Rs 5000 crore in equity and Rs 2,500 crore in debt. "We are engaging foreign and local investors. But the capital raising plan has not been firmed up yet," Saxena said.
Time of India
10 hours ago
- Time of India
WeWork India gets Sebi's nod for ₹1,000 crore IPO
NEW DELHI: WeWork India , a flexible workspace provider, has received approval from Securities and Exchange Board of India (SEBI) to launch its ₹1,000-crore initial public offering (IPO). Bengaluru-headquartered co-working firm, which operates under the global WeWork brand, is promoted by Enam Securities in India. According to the company's draft red herring prospectus (DRHP), the IPO offer includes a fresh issue worth ₹750 crore and an offer for sale (OFS) component of ₹250 crore by Enam. Post-listing, the company will be traded on both BSE and NSE, with a face value of ₹10 per equity share. Proceeds from the fresh issue will be used for capital expansion, debt reduction, and technology investments, among other corporate purposes. Operational momentum with improved financials The company has been on a recovery path, trimming its net losses and boosting topline revenue over the past year. For FY24, it posted a revenue of ₹1,401 crore, up from ₹1,314 crore in the previous fiscal. Net losses narrowed sharply to ₹146 crore, compared to ₹286 crore in FY23. The company's average occupancy has now crossed 75%, translating into over 75,000 seats across major cities such as Bengaluru, Mumbai, Gurugram, and Pune. Its EBITDA, excluding ESOP costs, has turned positive for the first time, offering a strong case for profitability in the near term. On the balance sheet front, the company has managed to reduce its total borrowings to ₹498 crore by March 2024, from ₹637 crore a year earlier. Strategic vision and use of funds Out of the ₹750 crore expected from the fresh issue, the company plans to allocate ₹350 crore toward setting up new centres and upgrading existing ones. Another ₹200 crore is earmarked for debt repayment and lease liabilities, while ₹150 crore will be deployed to enhance its tech stack and customer interface systems. The company is betting big on AI-driven enterprise solutions, seamless digital bookings, and real-time occupancy analytics to differentiate its offerings. 'With our hybrid model evolving, we're not just offering workspaces; we're building flexible ecosystems for the new-age workforce,' Karan Virwani , CEO of the company said during a recent investor interaction. Portfolio According to DRHP, the company had a total operational portfolio of 8.87 million sq ft of gross area as of March 31, 2024, across 50 centers in nine cities . Out of this, 6.98 million sq. ft. constitutes leased and managed spaces —the core leasable area relevant for business operations. Within this segment: 5.85 million sq ft is leased space. 1.13 million sq ft is under a managed space model (also referred to as revenue-sharing arrangements). The average occupancy rate across all operational centers stood at 72% as of FY24. This marks a recovery from 64% in FY23. Offer for sale As per the DRHP, the offer for sale (OFS) component of WeWork India's IPO will see significant participation from its key promoters and early investors. Embassy Buildcon LLP, a part of the Embassy Group and a promoter entity, is proposing to offload up to 5.41 crore equity shares, marking a strategic partial exit from its investment in the co-working firm. In addition, Ivanhoe Cambridge, the real estate investment arm of Canadian pension fund CDPQ, will offer up to 4.26 crore equity shares through the OFS. The third participant is Bihar Hotels, which plans to sell up to 1.35 crore shares. Collectively, the OFS will amount to a total of 11.03 crore shares, providing a partial exit route for long-standing stakeholders while enhancing the company's public ownership base. Challenges ahead Despite its strong brand recall and improving metrics, WeWork India has flagged several business risks in its DRHP. Among them is its overdependence on leased assets, which account for a significant portion of operational expenses. The company also faces intense competition, not just from other co-working firms, but also from real estate developers increasingly eyeing the flex-space segment. Moreover, a large portion of its revenue is concentrated in metros, making it vulnerable to regional economic shifts. The company also acknowledged operational challenges around regulatory approvals, taxation, and partner ecosystem transparency, which could impact scalability. The IPO is being led by Axis Capital, ICICI Securities, and Kotak Mahindra Capital, with legal counsel provided by Shardul Amarchand Mangaldas and Latham & Watkins LLP.
