M&As are back on the radar for Indian companies, but with two vital changes. First, the average size of the deals are much smaller compared to the earlier years; and second, overseas acquisitions have taken a backseat.
Promoters Narendra Patni and his younger brothers Gajendra and Ashok hold equal stakes totalling 48.3 per cent in India's sixth largest software exporter.
The issuance of identification numbers, which will be a demand-driven endeavour and will be issued on a voluntary basis, will help in plugging leakages in transfer of benefits under government welfare programmes.
The cash-starved Indian textile industry is of the view that the Technology Upgradation Fund Scheme, or Tufs, flagship scheme of the textiles ministry, has lost its shine, as economic slowdown has put modernisation and expansion plans of companies on hold. The industry says there are more basic problems that the government needs to address.
Food security for all was a poll promise from the ruling Congress party before this year's general elections.
Prices of key inputs up 44% to 74%; analysts expect earnings squeeze after a quarter or two.
Mobile phone manufacture in India started only in 2006.
Aditya Birla Nuvo is in talks with global private equity players Blackstone, Carlyle and KKR to sell shareholding in its proposed holding firm for its financial services business. The financial services holding company will house its asset management, insurance, stock broking, wealth management and private equity businesses.
To be out by October, it reflects weight of components in GDP.
V N Khare and S P Bharucha, both once Chief Justices of India, have been appointed to the arbitration panel to resolve the issue of sale of the government's residual 49 per cent stake in Bharat Aluminium Company to Sterlite Industries.
State-owned enterprises are depending more on government money to fund their capital expansion in the wake of the economic downturn.
Companies can sigh with relief. The draft rules of the Collection of Statistics Act, cleared by Parliament earlier this year, neutralise some of the powers given to data collecting officials.
The three-judge arbitration panel set up to resolve the controversy over the sale of the government's residual 49 per cent stake in Sterlite-controlled Bharat Aluminium Company Ltd has decided to meet in August, raising hopes of a resolution to the five-year-old dispute.
Grasim Industries, the leading cement maker of the A V Birla group, is not enthusiastic at a proposal to merge with its subsidiary, UltraTech, as it does not see value in the process at this stage.
Aditya Birla group flagship firm Hindalco Industries has decided to trim its overseas operations and is restructuring its capital expenditure in India in an effort to stabilise operations. As part of this overall plan, Novelis, which Hindalco acquired for $6 billion in 2007, is closing its sheet mill at Rogerstone in the UK, involving 440 job losses.
The services sector contributes the highest of around 54 per cent to the country's gross domestic product. At present, the WPI, which is released every week, contains prices of primary articles, fuel and manufactured products. Data from banking and transport services would be the first sectors to be covered on an experimental basis. The plan is to initially build a separate services index, which would be integrated into the WPI later.
Sameer Nath, head of mergers and acquisitions for Citi Group Global Markets India, has been busy working on domestic restructuring and consolidation deals over the past six to nine months.
India's second-largest private ship builder, Bharati Shipyard, which already holds 14.9 per cent stake Great Offshore, has said it will make an open offer to buy an additional 20 per cent. While P C Kapoor, MD, Bharati Shipyard, ruled out any possibility of a hostile takeover bid for Great Offshore, he had earlier said competitors such as Punj Lloyd and ABG Shipyard had shown an interest in buying Great Offshore shares from the open market.
Bharti Telecom, the unlisted holding company of Bharti Airtel, may issue fresh equity to the MTN group to give it the 25 per cent economic interest in India's largest mobile service provider.
Oil and Natural Gas Corporation, the company that cancelled a five-year contract of rig supply with Great Offshore on Thursday, is planning to issue a new tender. India's largest oil producer cancelled the contract as Mumbai-based Great Offshore could not supply the rig in time.
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