The TCS-CMC merger achieved a crucial milestone with the Bombay High Court approving the merger. The court approval virtually completes the legal formalities involved in the deal. CMC has around 11,000 employees, while TCS has over 3 lakh. CMC’s results are already consolidated in TCS’ numbers as it is a subsidiary. CMC shareholders will get […]
NDTV has finally announced that it has raised an unspecified amount of money by selling stake in its NDTV Gadgets portal. The investments have been made after valuing the unit at $50 mln (around Rs 325 cr). Interestingly, that amount is close to almost half of the value of the parent firm’s shares — which […]
Essel Group Middle East (EGME) has acquired the Bada Potash Exploration License, located in Danakil Depression, Eritrea via its subsidiary Interu Mining and Trading. Earlier this year, EGME had also acquired oil reserves in the sub-Saharan region. Essel Group is the promoter of Zee Entertainment, and is headed by Subhash Chandra Goel. The group’s primary […]
World’s largest air cooler company, Symphony Limited has agreed to acquire Munters Keruilai Air Treatment Equipment (Guangdong), China, the Indian company said. “MKE is a market leading brand in China, producing energy-saving and environment-friendly evaporative air coolers under brand Keruilai,” said Symphony, a household name in India. MKE came into existence in 2011 as a […]
Shree Uttam Steel and Power Ltd, a part of Uttam Galva Group and POSCO Korea, today signed a Memorandum of Agreement to set up an integrated steel manufacturing facility under a Joint Venture arrangement in India. The agreement was signed in Mumbai today. The memorandum of agreement is the first step of a process to […]
Pramerica Asset Managers, the asset management business in India of Pramerica Investment Management, said it had agreed to buy Deutsche Bank’s India asset management business. Separately, Dewan Housing Finance Corporation Ltd also said that it had decided to acquire 50% of the equity share capital of Pramerica Asset Managers Private Limited — the asset management […]
Sonata Software said that it has agreed to acquire US-based enterprise mobile specialist Halosys. Based in Santa Clara, California, Halosys is an innovator in providing technology platform and solutions that help enterprises implement mobile solutions for their business. “Halosys provides a single Unified Enterprise Mobile Enablement platform that enables businesses build, secure, manage and deploy […]
Anil Agarwal, chairman of the global metal giant Vedanta Resources, continued to push for the merger of the flagship company with Cairn India Ltd, a cash-rich petroleum producing company owned by Vedanta. The merger has been criticized as harming the interests of the third-party shareholders of Cairn India Ltd, and institutional investors such as the […]
IndusInd Bank said it completed the acquisition of Diamond & Jewellery financing business and related deposit portfolio of Royal Bank of Scotland N.V. in India. With this, the Bank said, loan portfolio is approximately Rs.41 billion has been transferred to the bank from Royal Bank of Scotland. IndusInd Bank is a private bank in India […]
TV Today Network Ltd said the government of India has allowed the sale of its FM radio stations in in Amritsar, Jodhpur, Patiala and Shimla, but rejected the sale of stations in Delhi, Mumbai and Kolkata. The three applications were rejected as Entertainment Networks India Ltd (ENIL) already has radio licenses in those cities. In […]
The acquisition of Singapore-based Global Services Engineering Asia from Pratt & Whitney (P&W) will strengthens the Indian IT provider’s aftermarket capabilities in the aerospace segment, analysts said. Global Services has been catering to P&W’s MRO (maintenance, repair and overhaul) requirements in the region. Global Services currently has a revenue base of USD10-12mn with EBITDA margin […]
Idea Cellular said it was “not aware of” any move by Bharti Infratel, a unit of Bharti Airtel, to takeover telecom towers owned by Vodafone and Idea Cellular. The Business Standard yesterday reported that the three companies were in talks over such a possibility. The three companies have already pooled most of their telecom towers […]
Zee Entertainment Enterprises Ltd agreed to acquire 100% equity stake in Sarthak Entertainment Pvt Ltd which operates ‘Sarthak TV’, the number 1 GEC in Odia language. “The acquisition shall be from current shareholders of Sarthak Entertainment Private Limited, subject to requisite regulatory approvals, as an all-cash deal at a consideration of maximum of Rs. 115 […]
HCL Technologies Limited (HCL) said it has entered into a definitive agreement to acquire certain assets of privately held Trygstad Technical Services Inc. (“Trygstad”), a US based provider of IT consulting services & solutions in an all cash deal. The size of the deal was not revealed. Trygstad Technical Services Inc. is a niche company […]
Essel Propack Limited, a provider of plastic tubes catering to the FMCG & Pharma space, said it has sold its wholly owned subsidiary, Packaging India Pvt. Ltd. to Amcor Flexibles India Pvt. with immediate effect. The deal is completed for full cash consideration. The Enterprise value (including the debt on the books of the sold […]
Two weeks after announcing that it would sell much of its India business to Hinduja Global Solutions, India-based outsourcing company Mphasis said it is transferring part of the remaining India business to Karvy Data Management Services Limited. Karvy Data is a provider of business and knowledge process services in India. “This is Mphasis’ second definitive agreement further […]
Essar group has signed a non-binding Term Sheet with Russian oil and gas major Rosneft to explore the possibility of the Russian company investing in Essar oil with a share of up to 49% of equity, the Indian company said. It also said that OJSC Rosneft Oil Company (‘Rosneft’) will supply Essar Oil will crude […]
JK Tyre has denied that it was in a transaction to acquire Birla Tyres from Kesoram Industries Ltd. Shares of Kesoram Industries was up 9% today on news that it would be able to sell the tyre-making unit to JK Tyre, one of India’s biggest tyre brands. “There is no transaction between JK Tyre & […]
Mphasis, a leading IT services provider, said it has signed a definitive agreement to transfer a significant portion of its domestic business, subject to regulatory approvals, to Hinduja Global Solutions (HGS), a global BPM leader in optimizing customer experience for clients. In a separate statement, HGS said the move will add 7,000 “customer experience professionals” […]
Jet Airways, one of India’s top three airlines, denied rumors of its foreign partner Etihad Airways, approaching the government for permission to increase its stake in the Indian airline. “With reference to news item appearing in leading newspaper dated June 24, 2015 titled, “We would like to state that certain media reports about Etihad Airways […]
