NEW DELHI (Reuters) - Idea Cellular Ltd , India's third-biggest mobile phone carrier by customers and revenue, said the government has given it access to long-disputed permits in two service zones, helping its stock extend gains.
The telecommunication ministry transferred to Idea permits originally held by Spice Communications, which Idea had acquired in 2008. The ministry had imposed a 6 billion rupee fine on the company and stalled the permit transfer, saying Idea violated rules in the acquisition.
Idea said the permit transfer would help it launch 3G services in Punjab, where it bought airwaves for the services in 2010, but has yet to offer the services.
The permit transfer is subject to the outcome of Idea's plea at a telecoms tribunal challenging the government penalty, the company said in a statement on Tuesday.
Shares in Idea closed 7.9 percent higher, having risen as much as 9.2 percent during the session. Among the listed Indian telecoms carriers, shares in Idea have fallen the most since mid-January over concerns of fierce bidding in a telecoms airwave auction.
(Reporting by Devidutta Tripathy; Editing by Supriya Kurane)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
