Rupert Murdoch’s News Corp announced yet another acquisition in India with the agreement to purchase Bangalore-based GyanMatrix Services Private Limited. The company, which provides software solutions for media and publishing companies, will be renamed News Technology Services, and be significantly scaled up. The News Corp team came in touch with the Gyan Matrix as part […]
Hindustan Petroleum Corp Ltd said it had appointed banking intermediaries for organizing investor meetings in the run up to raising Rs 6,000 cr ($930 mln) by selling foreign-currency denominated bonds. The bonds will be non-convertible, and will be issued if the meetings discover favorable market conditions and demand, the state-owned oil marketing company said. Shareholders […]
Reliance Defence, the defence manufacturing arm of the Anil Ambani group, said it will form a joint venture in India with global defence manufacturer Thales to carry out some contracts related to the Rafale jet deal. The Indian company will hold 51% of the equity while the foreign entity will hold the remaining. Reliance Defence […]
Axis Bank confirmed it had sold its 8% share in new-generation card-swiping-machine company Mswipe Technologies. In a regulatory filing, the private sector bank said it sold its 8% stake for Rs 80.94 cr, or Rs 4,249 per share. Mswipe is one of the new generation, low-cost swipe-machine companies, and offers cheaper rates to merchants. Instead […]
The Aditya Birla Group said it got the approval of the Company Law Tribunal for the merger of Aditya Birla Nuvo Ltd and Grasim industries Ltd and the listing of Aditya Birla Financial Services Ltd. The approval was obtained from the Ahmedabad bench. “The approved Scheme has been filed with the BSE and the NSE. […]
Sun Direct, the DTH arm of Sun TV, could end up benefiting from the financial troubles faced by Anil Ambani Group’s Reliance Communications. Speaking to media yesterday, Reliance Communications top honchos said the company was looking at various ways to reduce debt, including a sale of its DTH business. However, DTH services are notoriously difficult […]
Bharti Airtel said it received the approval of the Securities and Exchange Board of India, BSE and National Stock Exchange of India for its proposed merger with Telenor India. Bharti Airtel further stated that Telenor India and Airtel have today filed the joint company application before the New Delhi Bench of the National Company Law […]
The shareholders of Reliance Communications approved the demerger of the wireless operations of the company into Aircel Limited and Dishnet Wireless Limited, the Anil Ambani Group company said. The Scheme was also approved at a meeting called on the directions of the National Company Law Tribunal. The shareholders of Aircel Limited also approved the scheme on April 22nd. […]
Bharti Airtel said it has agreed to buy 4G spectrum from Tikona Digital Networks in five telecom circles, giving the company a pan-India footprint in the crucial capacity band and helping it compete on an even footing with Reliance Jio. Airtel plans to roll-out high speed 4G services on the newly acquired spectrum in the […]
The Idea Cellular-Vodafone merger announced today will save about Rs 14,000 cr in operating expenses per year for the combined entity after four years of merger, the two companies said. However, due to the applicability of spectrum caps on the combined entity, the deal will also cost Rs 3000 cr in present value in terms […]
Anil Ambani Group said the Competition Commission of India has cleared the merger of its telecom unit Reliance Communications with the wireless operations of Aircel Cellular, owned by Maxis Berhad of Malaysia. The clearance was expected since the two companies have very small market shares. The deal had got approval from the Securities and Exchange […]
Mahanagar Telephone Nigam Ltd, the state-owned telecommunications operator in the metro areas of Delhi and Mumbai, said it was not aware of any ‘restarting’ of talks related to its merger with Bharat Sanchar Nigam Ltd, the pan-India telecom operator owned by the public. “We are not aware of any such news. As and when any such […]
In a surprise announcement, Bharti Airtel said it was taking over Telenor India, marking the first such transaction since Idea took over Spice Telecom several years ago. Typically, companies in Indian telecom sector sell only assets, such as spectrum, and never the whole unit, due to the high debts on telecom companies’ balance sheets in […]
A proposed merger of Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp will reduce inefficiencies across the sector and result in enormous savings, ratings agency Fitch said. It would also create an entity that is better placed to compete globally for resources, and less vulnerable to shifts in oil prices and give it […]
Weeks after acquiring Appirio, Wipro is at it again. This time, it is buying InfoSERVER, an IT services provider focused on the Brazilian market, for $8.7 Mn (Rs 60 cr). Two-decade old InfoSERVER provides custom application development and software deployment services, the company said. It counts some of the largest Brazilian banks as its clients, […]
Idea Cellular has put off the trimonthly meeting of its board of directors scheduled to take place tomorrow, raising speculation that it may soon announce a merger or deal with Vodafone India. The meeting was supposed to take on-board results of the telecom operators’ working the three months from October to December. After the meeting, Idea […]
Tata Steel Limited said that it has executed definitive agreements to acquire 100% equity shares of Brahmani River Pellets Limited (BRPL) from Aryan Mining and Trading Corpn Private Limited (AMTC) and other companies in the Moorgate Industries Group (MIG). The transaction is based on an enterprise value of Rs. 900 crores plus closing adjustments and […]
Reliance Communications Ltd announced the signing of binding agreements with Brookfield Infrastructure for the sale of nationwide tower assets to Brookfield Infrastructure Partners LP and its institutional partners. RCOM will receive an upfront cash payment of Rs. 11,000 crore (US$ 1.6 billion). RCOM will also receive Class B non-voting shares in the new Tower company, […]
Cipla said its wholly owned subsidiary of the Company in Netherlands will set up a 75% joint venture with Ahran Tejarat Company for manufacturing and marketing of pharmaceutical products in Iran. An earlier agreement executed by the Company with the Iranian firm has been terminated. The total investment will be euro 16.875 million, which comes […]
Following on the heels of its announcement to sell its transmission assets to Adani Group, Reliance Infrastructure today said it has signed a share purchase agreement with Adani Transmission for the sale of 100% of its Western Region System Strengthening Scheme Transmission Assets. “SPA for Parbati Koldam Transmission Company Limited (PKTCL) shall be executed upon […]
