India's mid-cap software companies may shed as much as 10 per cent of their workforce as revenues and margins have shrunk owing to a global slowdown, analysts say.
Indian clean technology businesses are finally catching the attention of investor community. New Ventures India - founded by World Resources Institute and CII-Godrej Green Business Centre - aims to fund 50 entrepreneurs in this segment by 2010 with a target investment of $250 million
Apart from the embarrassment, these "crazy blogs" - as companies term them - force India Inc to spend crores of rupees to repair the damage.
With India's two leading IT outsourcing companies, Infosys and HCL Technologies, vying to acquire the UK-based consulting firm Axon, SAP implementation is back in focus.
Reliance's Jamnagar units, including the existing refinery and the second one that will begin work by mid-November, will be the world's largest single-location refining facility. The entire refinery complex will have a total processing capacity of 1.24 million barrels a day. The current production of the existing unit is 0.66 million barrels a day.
Real estate companies such as Unitech, Peninsula Land, HDIL and Future Capital, the financial services arm of Future Group, are in talks with investors including some leading private equity funds for raising investments for their projects, after the collapse of Lehman Brothers, whose third party fund had promised investments in these property companies' projects, according to industry sources.
The company has already received an approval to spend Rs 50,000 crore (Rs 500 billion) for commercialising two of its biggest gas discoveries in the D6 block located in the KG basin. "In a letter to oil regulator Directorate General of Hydrocarbons, the company has submitted one more development plan for Rs 10,000 crore as additional capex (capital expenditure) for the block.
The venture, on the lines of Kishore Biyani's Future Ventures India, will focus its investments in the information technology sector, said a source familiar with the development.
Billionaire Anil Agarwal-controlled Vedanta Resources has decided not to pursue a proposal to build a Rs 20,000-crore (Rs 200 billion) five-million-tonne steel project in Orissa in view of its strategy to focus on non-ferrous and iron ore businesses, two highly-placed sources in the company said on Tuesday.
The company is in talks with a few private banks and has signed on Citibank as one of the bankers to raise these funds, said sources. HCL Technologies and Citibank declined to comment saying that 'they do not comment on market speculation'.
Plans another $1-billion fund, wants to expand core team in India.
With the telecom industry aiming to increase its rural subscribers base and the central bank asking banks and financial firms to cater to the rural sector, businesses will have to find ways of servicing customers, say analysts. Most of the rural BPOs have a seating capacity of below 100 per centre, as they are situated in remote areas.
A slowdown in the global economy and sub-prime crisis in the banking, financial and insurance services sector, its major revenue earners, force the domestic IT industry to take a relook at its hiring strategy.
The figure is expected to rise to over Rs 4,600 crore (Rs 46 billion) by 2010 - a compounded annual growth rate of 44 per cent. Retail has been one of the largest growth sectors for all the top IT firms. For instance, Tata Consultancy Services, Infosys Technologies, Wipro Technologies and Satyam Computer Services saw their retail business grow by 33.6, 45.3, 38.5 and 117 per cent respectively on a year-on-year basis.
The negotiations were shelved following a difference of opinion on prices. "We intend to close both the deals by September," said a highly-placed source with MCorp, the holding company for B K Modi's group of companies.
Mobile Telecommunications Company (Zain), the third largest telecom operator in West Asia and a leading operator in Africa, has initiated talks with several Indian telecom service providers to buy stakes.
India Inc is seeing yet another family feud - this time between Gujarat NRE Coke founder Girdhari Lal Jagatramka and his son-law, Ratan Lal Tamakhuwala, who owns Austral Coke.
"Levi & Korsinsky usually investigates a deal when any of the clients complain about chances of fraud in the transaction. In Aegis's acquisition of PeopleSupport, we received a complaint from a client who is a shareholder of PeopleSupport. After our investigation, if we find any fraud, we will take up the issue before the court. At this point of time, we can not disclose the name of the client," said Juan E Monteverde, associate, Levi & Korsinsky.
Indian IT firms have started mining smaller clients with more fervour given that the revenue accruring from their top clients has been declining due to the US slowdown and the sub-prime crisis. Consider this. Revenue accruing from the top clients of the five leading IT firms by revenue - Tata Consultancy Services, Infosys Technologies, Wipro Technologies, Satyam Computer Services and HCL Technologies - dropped by anywhere between 0.2 per cent and 4 per cent
Lines up investments in steel, power sectors to profit from booming demand.
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