3i Infotech has decided to sell its US-based transaction services business to private equity firm Cerebrus Capital Management L.P for $137 million or about Rs 620 crore. The company will sell its US billings and payments unit, consisting of Regulus Group and J&B Software to an affiliate of Cerebrus.
Companies International
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Jaguar Land Rover to raise £1bn, shoulder Tata Motors’ debt burden
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Tata Motors is raising £1 billion pounds or about Rs 7,300 crore by issuing bonds denominated in dollar and pound sterling, through its overseas subsidiaries under the Jaguar Land Rover umbrella. The money will be used to refinance existing debt and for general corporate purposes. The move comes at a time when JLR’s performance has steadily improved, with rising cash flows allowing it to service debt on its own.
Filed under: Companies, Top News, Companies International, Funding, Jaguar Land Rover, Tata Motors
Alstom Projects to lose boiler business to Alstom-Shanghai Electric JV
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Global restructuring by multinationals can often result in surprises for shareholders of their Indian subsidiaries of multinational corporations. Engineering company Alstom Projects India announced that its parent company Alstom is forming an equal joint venture with China’s Shanghai Electric Group, to be called Alstom-Shanghai Electric Boilers Co.
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Filed under: Companies, Top News, Alstom Projects India, Companies International, Joint Venture, M&A
United Phosphorus acquires 50% in Sipcam Isagro Brazil
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United Phosphorus, an agrochemical company with a turnover of over Rs 5,000 crore in 2009-10, said it is acquiring a 50% stake in Sipcam Isagro Brazil, a Brazilian agrochemical company. Sipcam is an equal joint venture between the Sipcam-Oxon group and Isagro.
Filed under: Chemicals, Companies, Top News, Companies International, M&A, United Phosphorus
Reliance sells 30% stake in 23 oil & gas blocks to BP: what is the deal logic?
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Reliance Industries parted with a substantial stake in its oil & gas exploration and production business to BP, in return for cash and technology to develop this business. They will also set up a joint venture for sourcing and marketing gas in the country.
Filed under: Companies, Oil & Gas, Top News, BP, Companies International, Gas, M&A, Mukesh Ambani
R Systems acquires Computaris, adds 23% to sales
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R Systems International, a software company with revenues of Rs 320 crore, acquired Computaris International, a UK-based telecom software services company. It will pay £9 million or about Rs 70 crore to buy the company, with about half the sum being paid upfront and the remaining being paid over a period of two years, tied in to performance. The company’s share price was up by about 6% at the time of posting.
Filed under: Companies, Information Technology, Quick News, Telecom, Companies International, R Systems
Starbucks and Tata Coffee brew India plan
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Global coffee retailer Starbucks has been eyeing the growing out of home coffee market in India for years now, but players such as Café Coffee Day, Costa Coffee and Barista have been ahead in the curve. Starbucks has finally decided to take the plunge and announced a joint venture with the Tata Tea subsidiary Tata Coffee.
Filed under: Companies, Retail, Top News, Coffee, Companies International, Starbucks, Tata Coffee
Tata Communications acquires BitGravity for online video expansion
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Tata Communications has announced that it intends to acquire 100% of BitGravity, a company in which it already holds a stake, for an undisclosed amount. Tata Communications and Allen & Company (a financial investor) are the two main stakeholders in the company. Thus, Tata Communications will be buying out the company and any residual stake held by the company’s employees.
Filed under: Companies, Quick News, BitGravity, Companies International, Internet, Perry Wu, Tata Communications
IDC and Cyber Media part ways
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International Data Corporation (IDC) and Cyber Media India have ended their partnership in India. Cyber Media was carrying out research for IDC’s India practice for the important sectors of information and communications technology (ICT). Now, IDC is setting up a new research unit in Bangalore, to take care of India centric research.
Filed under: Companies, Information Technology, Telecom, Top News, Companies International, Cyber Media, IDC, M&A
ONGC claims first right to Cairn India stake
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Vedanta Resources was in the news for being denied permission by the government to mine bauxite in Niyamgiri hills in Orissa. Just when the dust was settling on that episode, its proposed acquisition of a majority stake in Cairn India has come under a cloud. Government-owned oil company Oil and Natural Gas Corporation has claimed pre-emptive rights over Cairn India and asked for documentation before giving a go-ahead to the transaction. Continue Reading →