Several high profile companies are burdened with losses, mounting debt and have a huge load of operational costs.
Sterling Infotech Group and Hutchison Essar Group have terminated the agreement, which contemplated acquisition of Sterling's Aircel and Aircel Cellular by Aircel Digilink India, a part of the Hutch Group.
When Ernst & Young got the mandate from Vodafone late last week to carry out a due diligence on Hutchison-Essar Ltd, it was another feather in the cap for Rajiv Memani.
The Hinduja Group on Friday said it is likely to start examining the books of Hutchison Essar Ltd next week and has arranged funds for a possible bid to acquire a controlling stake in the mobile firm.
Ambani to up ante by $3 bn on Ruia's hint at larger premium.
Corporate giants Reliance Energy, Tata Power and Essar are among the 11 companies left in the fray for the two 4,000 MW power projects to be set in Gujarat and Madhya Pradesh at an investment of Rs 20,000 crore (Rs 200 billion) each.
Hong Kong based Hutchison Telecommunication along with some other investors are believed to have signed the deal to buy out a 5.11 per cent stake of Hinduja TMT in the unlisted Indian cellular company Hutchsion Essar.
Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about $ 15 billion and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore. Aramco, the world's biggest crude exporter, will also supply Reliance's twin-refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis, Ambani said.
Concerto Software Inc, a contact centre solutions company with a sizeable business in India, has acquired CentreForce Technologies to expand its offerings.
Lenders, with Rs 600-cr exposure to telco, want it to sell properties to repay loans.
India Inc is either shutting loss making businesses or is hiving off allied verticals to enhance revenues.
A defence ministry staffer, involved in the corporate espionage case, was remanded to one-day police custody.
The British Olympic track and field legend shared his expertise on what it takes to be a long distance runner.
Egyptian mobile operator Orascom has said it was open to sell a part of its 19.3 per cent stake in Hutchison Telecom International Ltd, a promoter of Indian cellular joint venture Hutch-Essar.
One of the major advantages of buying Iran crude is the additional credit period of 90 days that the country gives to India, compared to 30 days by other countries.
Hutchinson Max Telecom Pvt Ltd is planning to consolidate its various telecom operations in India under a single entity, including that of Hutchison Essar Telecom Ltd and Fascel Ltd, for which the company has filed an application with FIPB.
This is being done keeping in mind the urgency of these transactions, and it would help the ongoing insolvency cases, including the 12 accounts referred by RBI to banks.
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