Tag: business

Piramal acquires more 5.5% stake in Vodafone

Feb. 05 Business Comments Off

vodafone 300x238 Piramal acquires more 5.5% stake in VodafonePiramal Healthcare firm has decided to buy an additional 5.5% stake in Vodafone India whose cost will be Rs3,007 crore.

Piramal firm already bought 5.5% stake of Vodafone for Rs2,900 crore in August last year and its further plan to buy will values Vodafone’s India business at Rs54,675 crore.

However these days, Vodafone has several beneficial facts in which one is its rejoice moment is of won the long-drawn out tax war for Rs11,000 crore against the I-T department.

Piramal Healthcare has values at Rs10,000 crore and its plan to buy Vodafone’s stake would offers various exit mechanisms for Piramal, including through participation in a potential IPO and sale of stake to Vodafone. Read more

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Infosys shuffles top management, Srinivas, Vemuri interchange positions

Feb. 05 Business Comments Off

infosys Srinivas 216x300 Infosys shuffles top management, Srinivas, Vemuri interchange positionsAs per business sector news, two directors of world’s largest IT firm, Infosys will be switching their role from April.

The Company announced that two directors who has joined the board in June 2011, named as B. G. Srinivas, Global Head of the Manufacturing and Engineering Business, and Ashok Vemuri, Global Head of Financial Services and Insurance Business, will be switching roles with effect from April 1, 2012.

Interacting with Media, S. Gopalakrishnan who is an Executive Co-chairman of Infosys said, “The rationale for the change is in keeping with the Infosys 3.0 strategy.”

He added that the board of company that they joined together, wanted to give them both exposure to different business realms.

The company board has decided that they both will have now running different field of business activities as per their experience in the field. Read more

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2G Scam: Supreme Court cancels 121 telecom licences

Feb. 03 Business, India News Comments Off

121 licences cancel 300x262 2G Scam: Supreme Court cancels 121 telecom licencesOn the hearing of plea filled by Subramanian Swamy over 2G scandal, the Supreme Court’s bench of justices has cancelled all 121 licences given by ex-telecom minister A Raja under 2 G scandal-tainted 2008 sale.

S Tel, Videocon, Idea Cellular, Tata Teleservices, Loop Telecom, Etisalat DB is the companies those telecom licenses have been scrapped and along with them apart from Uninor and Sistema Shyam companies licences has also cancelled.

Under allocation of spectrum in 2G band all the telecom companies have got the benefits profitable by unconstitutional action taken by the DoT for the grant of UAS (unified access service) licences that increase their equity shares in many thousands. And the Courts have asked these companies to pay money in form of fine over the violation of norms. Read more

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India will buy 126 Rafale fighter jet from France

Feb. 01 Business, India News Comments Off

France Rafale 300x197 India will buy 126 Rafale fighter jet from FranceAs per the latest news, the giant company from France, Dassault Aviation’s Rafale had got a huge deal of US$ 10.4 billion to supply 126 medium multi-role combat aircraft [MMRCA] to the India Air Force.

It is said in reports that the procedure to determine the L1 [lowest bidder] is complete and the final contract is expected to be inked in the coming financial year.

Meanwhile, IAF will get the first round of 18 jet fighter planes off the shelf and other 118 will be developed in joint venture with an Indian Company.

Talking to media, a source said, “Further negotiations will take place later.” Read more

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