MeitY is in discussions with global Fortune 500 and Fortune 1000 companies, mid-tier firms, and state government officials on a three-pronged approach to setting up new GCCs in India.
Infosys Technologies Limited has acquired 87,50,000 equity shares, 23 per cent on a fully diluted basis, of its BPO subsidiary Progeon Limited from Citicorp International Finance Corporation for Rs 530 crore (Rs 5.3 billion).
Citicorp International Finance Corporation plans to acquire 14.16 per cent stake in Monnet Ispat for Rs 35.27 crore (Rs 352.7 million) to partly fund expansion of the company's Raigarh unit manufacturing sponge iron and mild steel.
Axis Bank on Wednesday said it has completed the acquisition of Citibank's retail business in India for a final cash consideration of Rs 11,603 crore. The sale excludes Citi's institutional client businesses in India. The third-largest private sector bank said the acquisition, announced first in March last year, will not necessitate any new capital requirements and stressed that the attrition numbers on customers are much better than expected.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
In his last assignment, he led the global product strategy and commercialisation functions at Novartis Pharma AG.
Axis Bank's acquisition of Citibank's consumer finance business for Rs 12,325 crore - the second biggest deal in the Indian banking sector - is seen as a good deal at a good price. The acquisition enables Axis Bank to close the gap with competition in some key segments such as credit cards. At the same time, there are some key issues that are crucial for the deal's success, apart from the fact that it will take some time for Axis to reap the full harvest of its investment.
The Citigroup will be splitting itself into two businesses even as the financial colossus slipped deeper into the red, posting looses for the fifth straight quarter.The banking major had revenues to the tune of $5.59 billion for the December quarter, against 6.42 billion dollars in the corresponding period a year earlier.
Citicorp has managed to pare net credit losses from its Indian consumer credit business, comprising cards and consumer banking, by over 38 per cent to around Rs 400 crore by June-end compared with Rs 653 crore in the previous quarter.
Government has approved 25 foreign direct investment proposals, including those of Citicorp International Finance and Suzuki Motor Corporation that will bring in Rs 145.12 crore (Rs 1.45 billion) into the country.
Software major Infosys Technologies on Thursday said it has reached an agreement with Citicorp International Finance Corporation to acquire the latter's stake in its BPO arm Progeon Ltd for $115.13 million (nearly Rs 518 crore) in cash.
Citigroup will pick up 5 per cent stake in SMERA, a rating agency for small firms and have a strategic tie up.\n\n
Mallya has to deliver or he won't be able to raise money for the airline.\n
The government on Tuesday cleared 34 foreign direct investment proposals worth Rs 617.28 crore, including Zee Telefilm's plans to issue Rs 480 crore foreign currency convertible bonds to two foreign companies.
The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
Five years after the Dutch brewer took 37.4% in Vijay Mallya's UB, it has bought another 1.35%.
The second day of the placement season at Indian Institute of Technology (IIT) - Madras on Tuesday saw e-commerce major Flipkart Internet Pvt Ltd recruiting 19 students - the highest offer so far this season.
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