Investment summary 3
The 1,800 MHz problem 8
Frequencies and margins 13
Rural business case 16
A tough market 20
3G’s key role 22
Consolidation 23
Downsides to tariff 25
Company highlights 26
Bharti Airtel 27
Idea Cellular 30
RCOM 34
MTNL 37
Tata Teleservices (Maharashtra) LTD (TTML) 39
Financials 41
Disclosure appendix 47
Disclaimer 52