Companies
Explainer: Telecom Italia CEO faces investor showdown
Published
3 months agoon
Telecom Italia (TIM) shareholders will vote on April 23 on whether to hand CEO Pietro Labriola a new mandate to press ahead with his plans to revive the debt-laden group by selling its domestic access network to KKR.
Here are Labriola’s plans and the alternative proposals:
PLAN A
Labriola, who has been running TIM for the past two years, has agreed to sell its national network grid – its main piece of infrastructure – to US fund KKR for up to 22 billion euros ($23.4 billion) in what would be a first for a former phone monopoly in a major European market.
Backed by the Italian government, which holds an indirect stake in TIM, the sale is intended to mark a fresh start for a group long hobbled by debt and fierce competition.
TIM expects to finalise the sale this summer, subject to EU antitrust approval, knocking a 14 billion euros off its debts and shifting most of its 37,000 domestic workers on to the network.
But Labriola has come under pressure after a record stock plunge last month when markets gave a thumbs down to the financial outlook for a slimmed down TIM business.
VIVENDI’S ROLE
Vivendi, TIM’s single largest shareholder with a 24% stake, has criticised the network sale, questioning both the price and the sustainability of the residual services business. The French media group is fighting the sale in court.
Vivendi could obstruct Labriola’s reappointment if it decides to back a slate of alternative board candidates put forward by TIM minority investors.
While Vivendi is not expected to back the nominees put forward by the outgoing TIM board and headed by Labriola, it is yet to say whether it would support any other slate.
Last year its representatives quit the board after a round of fruitless talks with the government on TIM’s future.
CHALLENGING LABRIOLA
Activist investors Merlyn Partners and Bluebell Capital Partners, each owning a 0.5% stake in TIM, have put forward separate slate of candidates in a challenge to Labriola.
Both have said they would seek to review and improve the terms of the KKR deal, in a bid to attract Vivendi’s backing.
Merlyn also wants TIM to sell its Brazil-listed subsidiary this year and its domestic consumer business in 2025 to focus on big corporate clients with value added digital services.
Merlyn has proposed former TIM deputy general manager Stefano Siragusa as CEO. Bluebell has nominated Laurence Lafont, the outgoing vice-president for strategic industries at Google Cloud for the job.
WHO WILL PREVAIL?
Hard to say, with AGM attendance and Vivendi’s stance the swing factors.
Under TIM’s bylaws, the slate of nominees which secure most of the votes gets two thirds of the board seats, meaning it can name the CEO.
Attendance ranged between 53% and 59% in the last three AGM. That means Merlyn or Bluebell need to attract Vivendi’s backing and additional votes from other investors holding only a combined stake of 3-6% in TIM to secure a victory.
An attendance rate above 60% is seen as positive for Labriola’s chances.
State lender CDP, which holds a 10% stake in TIM, is backing the outgoing board slate.
Proxy advisers ISS and Glass Lewis, whose recommendations are generally followed by investors representing about 10% of TIM, told investors to back the outgoing board slate.
If Vivendi decides to abstain, the board slate would likely prevail. But the French group is yet to show its hand.
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Companies
myTVS launches‘Mobility-as-a-Service’platform for EV fleets
Published
2 months agoon
September 23, 2024
myTVS, India’s digital automotive aftermarket platform and part of the $3 billion TVS Mobility Group, has officially launched its pan-India ‘Mobility-as-a-Service’ (MaaS) platform aimed at last-mile EV fleet operators. This comprehensive platform integrates a range of services for the entire electric vehicle (EV) fleet lifecycle, including leasing, real-time fleet management, servicing, spare parts management, charging solutions, telematics, roadside assistance, insurance, and tyre management.
The MaaS platform boasts a digital catalogue of over 180,000 SKUs and offers vehicle refurbishment services to enhance fleet longevity and efficiency. myTVS aims to become the go-to brand for last-mile fleet operators, enabling them to scale operations effectively through strategic partnerships with all stakeholders in the EV ecosystem.
As part of this initiative, myTVS has formed a strategic alliance with MoEVing, a leading EV-based logistics company in India. This partnership is expected to drive growth in the quickly evolving quick commerce sector, which is increasingly looking to electrify its operations to meet sustainability goals.
“This launch marks a pivotal transition for myTVS from personal mobility to fleet mobility solutions,” said G Srinivasa Raghavan, Managing Director of myTVS. “Our platform is tailored to meet the evolving demands of both personal and fleet mobility customers, ensuring efficiency and sustainability. With over 1,000 service outlets across India, we are uniquely positioned to support fleet operators with 24/7 telematics, a Network Operations Centre, and diagnostic services that maximise vehicle uptime.”
Vikash Mishra, CEO of MoEVing, emphasised the importance of ecosystem partnerships for accelerating EV adoption in India. “The launch of the MaaS platform by myTVS addresses a critical market need, offering a holistic solution that aligns with our mission to enhance service delivery and expand our national footprint.”
A recent BCG report forecasts significant growth in the organised last-mile delivery market, particularly in food, grocery, and e-commerce sectors, with EV adoption projected to reach 20-30% in organised fleets by 2025.
Raghavan concluded, “With over 1 million customers, myTVS is one of the fastest-growing aftermarket service providers in India. We plan to add another 2,500 outlets in the next two years, aiming for a market share of 10-12%.”
The myTVS MaaS platform offers flexibility and is designed to integrate seamlessly with OEM manufacturers, insurance providers, financial services, and leasing companies, ensuring comprehensive support for all stakeholders in the electric mobility landscape.
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Companies
One Point One Solutions wins two international orders – check details
Published
3 months agoon
September 23, 2024
One Point One Solutions Limited, a leading provider of technology-enabled business process management (BPM) services, has won two international orders. According to the information shared with the exchanges, the company has won a prominent telehealth company headquartered in Atlanta, USA.
The telehealth company provides a comprehensive platform designed to streamline the entire telemedicine cycle, offering innovative services that connect healthcare providers with patients globally.
Under this contract, One Point One Solutions will partner with the telehealth company to provide contact centre solutions and data verification services.
The company has also won a contract with a publicly listed Swedish company. As part of the contract, it will make a robust platform to streamline ticket management across departments, enabling seamless communication and creating a comprehensive knowledge repository.
It will also prepare a comprehensive solution for payroll data management that ensures secure user access and efficient processing of payroll information.
Earlier, ITCube Solutions Pvt. Ltd. – a One Point One Solutions Limited subsidiary – entered into a deal that will allow the company to use its AI-powered platform for automated detection, enforcement, and removal of infringing content across digital platforms.
“ITCube Solutions has secured a new client-win in the European region a renowned global player specialising in providing solutions against brand threats utilizing advanced AI-driven tools to combat online piracy, counterfeiting, and intellectual property infringement,” the company said in an exchange filing.
With a global presence including NewYork, Barcelona, Beijing & Salt Lake City and providing scalable, cost-effective SaaS solutions, the newly acquired client is changing the industry landscape.
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Companies
RBI restricts withdrawals from Jalna-based Mantha Urban Coop Bank for 6 months
Published
3 months agoon
September 22, 2024
Reserve Bank of India on Tuesday imposed restrictions on withdrawals from Maharashtra-based Mantha Urban Cooperative Bank for six months.
The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020.
As per the directions, the bank will not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment, among others.
“In particular, no deposit of the total balance across all savings bank or current account or any other account of a depositor may be allowed to be withdrawn” subject to conditions stated in the directions, the central bank said.
The directions will remain in force for a period of six months from the close of business of November 17, 2020 and are subject to review, it added.
It further said the issue of the directions by the RBI should not per se be construed as cancellation of banking license by RBI.
The bank will continue to undertake banking business with restrictions till its financial position improves, the central bank said, and added it may consider modifications of the directions depending upon circumstances.
In a separate release, RBI said it has imposed monetary penalty of Rs 20 lakh on Bengaluru-based Shushruati Souharda Sahakara Bank Niyamita for deficiencies in regulatory compliance.
The central bank also imposed a penalty of Rs 1 lakh on The Deccan Urban Co-operative Bank, Vijayapura, Karnataka, for contravention of the directions issued by it on prohibition of loans and advances to directors.
The story has been taken from a news agency