Pakistan signs 5-year syndicate financing facility for $1 billion
- Pakistan Secures $1 Billion Landmark Financing with ADB-Backed Guarantee and Strong Middle Eastern Banks' Support.
- Govt of Pakistan…
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Economic Times
21 minutes ago
- Economic Times
The Hundred looking to feed off IPL's 'phenomenal growth' after drawing Indian investment
The investment of four IPL owners into The Hundred will enable the England and Wales Cricket Board-backed event to grow rapidly and learn immensely from the skills possessed by the top minds working for the world's biggest T20 league. Out of the eight teams in the 100-ball competition, four will be partially owned by owners of Mumbai Indians, Sunrisers Hyderabad, Lucknow Super Giants and Delhi Capitals (only GMR group involved). After a long delay, the ECB finalised the deals with the IPL and other investors on Wednesday. Reliance Group, which will own 49 percent of the London-based Oval franchise, and Trent Rockets are yet to close agreements with the ECB. "It's brilliant. You look at what the IPL has done, forget cricket, in sport in general, the growth it's achieved in 18 short years. It's nothing short of phenomenal," said Vikram Banerji, Managing Director of The Hundred, in response to a PTI query on Thursday. "So the growth and the learnings, both on the field and off the field, that they can bring into this tournament, with the balance of the other investors that we've got from America and wherever else, I'm really excited about that side of things, about the skill sets that are now coming into English cricket," he said. The deal will take effect from 2026 season and the investors will take operation control of the franchise from October 1, 2025. Asked about the reason for the delay in closing the agreement with the Reliance-backed Oval franchise and Trent Rockets, Banerji said: "Right at the start we offered all the investors the opportunity to sign and close immediately whenever the legals were all done and have some involvement in this year. "On the whole, it's been run as it was, or close formally at the end of the season, early October, when they close formally, when they take operational control of the name of the brand. So those two chose that months ago. "With Trent Rockets, it's documents were signed and all the rest of it fully there. With the Oval Invincibles, there's three things left on their venue hire stuff that they're working through. They're small things, it'll be a matter of weeks, and that'll get signed out." Banerji and the rest of the stakeholders will soon have a meeting with the new investors for the tournament operations from 2026 onwards. Barring The Hundred, all leagues including the IPL are being played in the T20 format. Is there an inclination from the IPL owners to switch to the standard T20 format from the current 100-ball a side format? "I think you have to look at what works in this country. There have been some discussions around kind of it works elsewhere, but in this country, the format has provided us with some really interesting things, especially from a broadcast perspective in terms of the reach it's provided and that ability to create a new crowd. "At the moment, it's the 100 format, and that will remain for now. But let's see where we get to in a month," said Banerji, who added the participation of active Indian players remains off the card despite the IPL investment into the competition. Sitting alongside Banerji, ECB chief executive Richard Gould, was also asked about the participation of Pakistan players in The Hundred in light of Indian investment. No Pakistan player was picked in the 2025 draft for different reasons. Gould asserted the ECB will take action if the owners are found to be discriminatory in player selection irrespective of his nationality. "We would expect players of all nations to be selected for all teams. I haven't had the need to have any discussion at this point (with new investors)." So is the latest draft just a coincidence? "I don't, I don't know. But we have not had any discussions with the owners at this point. But, we've got very clear anti-discrimination policies within cricket in England. And if those are, if those are not adhered to, our cricket regulator will take action," said Gould. Now that the deals are done, the ECB expects the change in name of at least three teams backed by IPL team owners including Reliance, RPSG and GMR. The sale of stakes have catapulted the valuation of teams to over 975 million pounds with more than 500 million pounds set to be invested in English cricket.
Time of India
an hour ago
- Time of India
Elon Musk's Starlink gets licence to launch satellite internet in India; spectrum framework ready, says Telecom minister Scindia
In a major step towards expanding satellite broadband access, Elon Musk's Starlink has been granted a Unified Licence to provide satellite internet services in India, Union Telecom Minister Jyotiraditya Scindia announced on Thursday. Alongside the licence, the government has also finalised frameworks for spectrum allocation and gateway setup to facilitate a smooth rollout of services. "Starlink has been granted a Unified License to launch satellite internet services in India. Frameworks for spectrum allocation and gateway establishment are ready, ensuring smooth rollout," Scindia said, speaking on the eve of the 30th anniversary of India's first cellular call made in 1995, reported PTI. Along with Starlink, Bharti Group-backed Eutelsat OneWeb and Jio SES are also awaiting spectrum allocation for their satellite communication services. Scindia said that in the past 11 years, under the leadership of Prime Minister Narendra Modi, India's digital transformation had been 'nothing short of extraordinary.' 'From remote villages to bustling cities, digital access has empowered citizens, bridged divides, and made India a global leader in affordable, inclusive technology,' he said. The minister shared key figures showing telecom sector progress: India now has 1.2 billion telephone connections and 970 million internet subscribers, with broadband usage jumping over 1,450% — from 60 million in 2014 to 944 million today. The cost of mobile data has dropped 96.6%, making India the global leader in affordable data at Rs 8.9 per GB, he noted. Scindia said the revival of state-run BSNL has been a 'major breakthrough,' with the telco reporting back-to-back net profits of Rs 262 crore and Rs 280 crore in FY24 and FY25. Over 83,000 4G sites have been installed, of which 74,000 are operational, using indigenously developed technology. He also highlighted AI-powered monitoring systems and fibre fault resolutions within 12 hours as improvements that have raised service standards. India's rapid 5G rollout, the minister added, has reached 99.6% of the country's districts with 4.74 lakh towers and 300 million users. India now has the world's highest per capita 5G data usage at 32 GB per month. The country has also set up 100 5G Use Case Labs and is among the top six countries in 6G patent filings. He added that the telecom PLI scheme has generated Rs 4,305 crore in investments, resulting in Rs 85,391 crore in sales and the creation of over 28,000 jobs. FDI in the sector has nearly tripled from $282 million to $710 million. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
The Print
an hour ago
- The Print
Starlink granted satellite internet permit; spectrum allocation norms ready: Scindia
'Starlink has been granted a Unified License to launch satellite internet services in India. Frameworks for spectrum allocation and gateway establishment are ready, ensuring smooth rollout,' Scindia said. The announcement coincides with the 30th anniversary of the first cellular call made in the country in 1995. New Delhi, Jul 31 (PTI) Elon Musk-led Starlink has received a licence to launch satellite service in India, and a framework for spectrum allocation is also in place for a smooth rollout, Union Telecom Minister Jyotiraditya Scindia said on Thursday. Along with Starlink, Bharti Group-backed Eutelsat OneWeb and Jio SES are also awaiting spectrum allocation to roll out their satcom services. The minister said over the last 11 years, under the leadership of Prime Minister Narendra Modi, India's digital transformation has been nothing short of extraordinary. 'From remote villages to bustling cities, digital access has empowered citizens, bridged divides, and made India a global leader in affordable, inclusive technology,' he said. The minister said that telephone connections in the country now stand at 1.2 billion and internet subscriptions have surged by nearly 286 per cent to reach 970 million. 'Broadband usage has seen explosive growth of over 1,450 per cent, rising from 60 million in 2014 to 944 million today. Most notably, the cost of mobile data has dropped by 96.6 per cent, making India the global leader in affordable data at just Rs 8.9 per GB,' he said. Scindia said the revival of BSNL has been a major breakthrough. 'For the first time in 18 years, BSNL reported back-to-back net profits of Rs 262 crore and Rs 280 crore in FY 2024-25. Over 83,000 4G sites have been installed, with 74,000 already operational, all built on indigenously developed technology. Crack Teams, AI-powered monitoring, and fibre fault resolution within 12 hours have raised service standards across the board,' the minister said. He said India's rapid 5G rollout has covered 99.6 per cent of districts, with 4.74 lakh 5G towers and 300 million users. 'With the world's highest per capita 5G usage (32 GB per month) and 100 Use Case Labs in place, India is also among the top six countries in 6G patent filings. Investments under the Production Linked Incentive scheme have touched Rs 4,305 crore, resulting in Rs 85,391 crore in sales and over 28,000 jobs. Foreign Direct Investment has nearly tripled from USD 282 million to USD 710 million,' the minister said. Commenting on the 30th anniversary of the first cellular call in India, telecom industry body COAI Director General SP Kochhar said India's telecom sector has witnessed a phenomenal transformation since the country's first cellular call in 1995. 'Today, India stands as the world's second-largest telecom market, boasting over 1.2 billion subscribers and some of the most affordable tariff rates globally. An Indian subscriber now uses over 21 GB of data each month on average, which is a testament to the world-class infrastructure developed by leading Indian telecom operators,' Kocchar said. He said that the mobile service landscape in the country started with 2G and now over 85 per cent of India's population and over 99 per cent of the districts in India enjoy access to 5G services. PTI PRS PRS DR DR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
