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INDIA BUSINESS WORLD - DECEMBER 16th - DECEMBER 31st
- 2007
The Month that was ...
News & important developments from the most prospective of the New World markets... India. Our effort is to provide you with the latest and relevant developments that take place in the Indian business, economic and legal environment.
BUSINESS NEWS
GE SELLS 4% GENPACT SHARES FOR $100 MILLION:GE has sold about a 4% stake in Genpact, India's largest business process outsourcing (BPO) firm, for about $100 million in a private transaction. Following the sale, GE's stake in the NYSE-listed BPO firm has come down to 18.8%... More....
RELIANCE MUTUAL FUND SELLS 5% STAKE TO ETON PARK:Reliance Capital Asset Management, controlled by Anil Ambani, has sold a 5% stake to Eton Park Capital Management in a deal that for the first time puts a value on India's largest mutual fund. US-based Eton Park will pay $127 million... More....
INDIA GLYCOLS BUYS SHAKUMBARI SUGAR FOR RS 47 CRORE: INDIA Glycols, a petrochemicals and specialty chemical player, said it has acquired a majority stake in Shakumbari Sugar & Allied Industries (SSAI) for Rs 47 crore. The company, which has acquired 96.56% in SSAI, would also invest...More....
CONSTRUCTION FIRM BSCPL SELLS 7% STAKE FOR RS 152 CR, L&T IDFC LEHMAN AMONG BUYERS:Engineering and construction giant Larsen and Toubro(L&T), Infrastructure Development and Finance Company (IDFC), Lehman Brothers and Singapore-based private equity (PE) firm Amansa Capital together have picked... More....
FOREIGN INVESTORS BUY 15% IN SHAPOORJI SPV:After two-and-a-half years of negotiations, the Shapoorji Pallonji Group has finally struck a $290-million deal-the largest so far in the real estate space-with a clutch of foreign investors. CVC International and Government Investment Corporation... More....
IDEA AWARDS RS 600-CR CONTRACT TO NSN :IDEA Cellular, which is close to getting spectrum in Bihar, has awarded a Rs 600-crore ($150 million) million networks contract to Nokia Siemens Networks (NSN) to build and manage its network in the state. Idea had recently awarded... More....
GENPACT BAGS MULTI-COUNTRY DEAL FROM HERCULES:Genpact, India's largest BPO firm, has bagged a multi-year, multi-country contract to provide business process and IT services support to the $2-billion specialty chemicals manufacturer, Hercules. Genpact will provide services... More....
UNLISTED MNCS MUST TALLY PARENT SCRIPS FOR ESOP VALUE - FBT CIRCULAR ENABLES EXPATS TO CLAIM CREDIT AGAINST FBT IN INDIA:Unlisted multinational companies in India, which offer stock options to local employees, must get the shares of their parents valued by a Sebi-registered Category 1 merchant banker to arrive at their fair... More....
ELDER PHARMA INKS SAME LICENSING DEAL WITH GNOSIS:Elder Pharmaceutical said it has signed an in-licensing agreement with Italy based Gnosis SPA to market the latter's osteoarthritis product SAMe (S-adenosyl methionine), in the Indian market. The Indian market for osteoarthritis... More....
DQ ENTERTAINMENT RAISES $56 M THROUGH ITS LISTING ON ALTERNATIVE INVESTMENT MARKET:City-based animation and gaming company DQ Entertainment (DQE) has raised $56 million through its listing on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange. The company will use the funds to expand... More....
INDIAN BANK SELLS MVR BAD LOANS TO ARCIL FOR RS 180 CR: After years of struggle to recover loans it gave to troubled and controversial MVR Group which is engaged in cashew exports, Indian Bank has sold the non-performing assets (NPAs) to Arcil, an asset reconstruction company...More....
GEMINI COMMUNICATION LED CONSORTIUM BAGS RS 260-CR BSNL DEAL:Gemini Communication along with Midas Communication Technologies has bagged Rs 260 crore order from BSNL for executing a project in Tamil Nadu, Karnataka and Haryana. Both the firms - Gemini Communication and Midas Communication Technologies... More....
NTPC, LIC INK RS 2KCR DEALS:The country's biggest power generating firm NTPC has said it has signed agreements for loan and bond subscription for a combined sum of Rs 2,000 crore with Life... More....
AGILENT BAGS ORDER FROM ORCHID CHEMICALS :Agilent Technology, makers of analytical instrument for pharmaceutical industry, has said it has bagged an order to supply chromotography equipment from Orchid Chemicals and Pharmaceuticals. The company would supply 50 instruments... More....
INDIA GROWS FASTEST IN ECB SALES DURING THIRD QUARTER: GARTNER:India has emerged as the fastest growing market for external controller based disk (ECB) storage devices with revenues reaching $59.4 million in the third quarter of 2007, according to a report. India registered a 76.3% growth in sales... More....
LAB CHAIN METROPOLIS MAKES BUYS IN GUJARAT, KERALA: Metropolis Health Services has bought two laboratories in Kerala and acquired 51% in another laboratory in Gujarat as it aims for a 10% share of the country's diagnostic services market by 2008-09. The labs - Shankar's in Alleppey and Speciality...More....
NOMINATED DIRECTORS' ESOPS SPARED FBT:The finance ministry has decided to exempt companies from paying fringe benefit tax on employee stock options (Esops) issued to non-executive directors. This comes even as the debate on whether non-executive or nominated directors... More....
INDIABULLS TO ISSUE OVER 2 CRORE SHARES TO ICSL:Indiabulls Financial Services has said it will issue over 2.56 crore equity shares to the shareholders of Indiabulls Credit Services (ICSL) pursuant to its scheme of restructuring. It has received Delhi High Court's approval for restructuring... More....
US CO TO SET UP $2.75-B POWER PROJECT IN MADHYA PRADESH:US-BASED ISN International company is setting up a $2.75 billion power project in Madhya Pradesh with 57% foreign equity holding. The 2,000 MW thermal power project, though smaller in size compared to the ultra mega power projects... More....
ENTRY LOAD SCRAPPED ON OPEN-ENDED MUTUAL FUND SCHEMES: It's raining goodies on the mutual fund industry. Within days of issuing guidelines for real estate investment trusts and indicating a willingness to increase the total overseas investment limit by $2 billion, the Securities...More....
FICCI SEEKS DUTY-FREE IMPORT OF PACKAGING MACHINERY:The government should allow import of packaging machinery at zero duty besides abolishing excise duty to help the $18.8-billion domestic packaging industry achieve a faster growth, industry body Ficci has said. Ficci has come out with a study comprising... More....
DTC REMOVES MANY INDIAN COS FROM BUYERS LIST FOR 2008 :The diamond industry, which is reeling under the impact of appreciating rupee, is headed for more trouble that could adversely affect rough diamond supplies. Diamond Trading Company (DTC), distribution arm of De Beers Group, has removed several Indian companies... More....
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