After the rechristening of Telco to Tata Motors in 2003, one of the auto-maker's earliest decision was to settle its high-cost debts of around Rs 500 crore with the proceeds from foreign currency convertible bonds, or FCCBs. The company had raised $100 million and repaid the debt.
Reliance Retail has added 485 stores in the last one year, taking the total count to 950 and the footprint is now spread across 77 cities (58 in the last one year) across India. While his critics say Ambani may have lost the plot as the progress of his retail plans are nowhere near what he had sought to achieve, others feel the Reliance chief is just being pragmatic given the not-so-conducive environment for expansion in retail.
For TCS, the retail business has been growing at 10-12 per cent over the last three quarters. On a year-on-year basis, the growth rate of the retail business has been impacted due to currency fluctuation and the general slowdown. In dollar terms, the retail business grew 51.6 per cent for the company last financial year.
A company executive said that the Anil Ambani group is still keen on foraying into television broadcasting business. The top-line of broadcasters was shrinking in the December-ended quarter on the back of economic slowdown and the consequent slowdown in advertising revenues, said the latest Ficci & KPMG report.
Capgemini has gone back on its previous expectations of modest growth in the first half of 2009, following a significant deterioration in the wider economic environment since the third quarter, said John O'Brien, senior analyst at advisory and consulting firm Ovum. Capgemini now expects to see a modest decline in the first-half sales, while maintaining an operating margin of 6.5 per cent.
Tata Consultancy Services, the country's largest IT company, has changed its hiring strategy and will focus on just-in-time hiring or real-time talent management."TCS has decided to adopt the policy of real-time management whereby we will hire in the last three months of the final year of graduation rather than a year before," said S Ramadorai, managing director and chief executive officer, TCS.
Meanwhile, 117 Pan-Asian private equity players - with India as focus -- aim to raise funds worth $59 billion, says UK-based Preqin, an alternative assets research and consultancy group. On a global platform, he said, majority of investors remain positive towards private equity. Aditya Birla Private Equity is an example.
Chevron CEO David O'Reilly told analysts the company has pulled out of some unprofitable refining markets, and will continue to do so. However, he had said that Chevron is continuing talks with its refining joint venture partner RIL that would determine whether it keeps a foothold in Indian refining. Chevron has not yet signed a crude supply and product off-take agreement with RIL to take forward its plans to increase its stake in RPL beyond the existing 5 per cent.
This follows a letter written by eight US Congressmen to that country's Export-Import Bank (Exim Bank) asking it to immediately suspend all financial assistance to RIL until the company agrees to stop selling gasoline to Iran.
Tata Power Company, the largest private sector power player in the country, plans to divest part of its stake in group companies Tata Teleservices and Tata Teleservices (Maharashtra) to raise about Rs 2,000 crore for funding its ongoing projects, said informed sources.
The Wadia group is looking to renegotiate the price of Groupe Danone's stake in Britannia Industries following the market slump and the credit squeeze in the global markets.
Sterlite's revised offer to acquire Asarco may see fresh rival bids as the valuation of the bankrupt US copper miner fell in line with the commodity prices.
Information technology firms, which are already in trouble due to the slowdown in their key markets, are now facing payment delays. Many firms said collections cycles (receivables) are getting extended.
Tata Steel's $5 billion steel project in Vietnam has hit a roadblock, thanks to a delay in land allocation.
The Foreign Investment Promotion Board has cleared a proposal by German plastic moulding major Ralf Schneider to set up a wholly-owned subsidiary in India, setting aside objections raised by its former Indian partner Larsen & Toubro under Press Note 1 of the Foreign Direct Investment policy.
The retail arm of the Mukesh Ambani-led group had almost halted its expansion plans as a credit crunch roiled markets across the globe forcing companies to withhold new projects. The company also froze fresh recruitment.
To be the first firm to take advantage of new RBI ruling.
Venture capitals in India, which traditionally invested in urban segments or technology sector, have begun investing in rural-centric technology firms. Avishkaar India Micro Venture Capital Fund, Acumen Fund, and Rural Innovations Network are showing increased focus on rural markets.
On the back of a global meltdown, big-ticket firms may not be flocking at the premier Indian Institute of Technology campuses. IITians, however, have not lost all hope. Many are looking at start-ups for their first jobs.
In the termination letters, RIL mentioned that the business has been impacted by the slowdown and the company was not in a position to continue with their employment. Employees who would resign will get one month's salary as compensation. When contacted, an RIL spokesperson declined to comment on the development.
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