Essar’s Aegis to Buy US BPO Firm for $127 Million – Ruias-promoted Indian conglomerate Essar group’s BPO arm Aegis has offered to acquire a NASDAQ listed outsourcing firm ICT Group for about Rs 127 million dollars (Rs 640 crore). In a statement, Aegis Ltd said it has made a proposal to the board of ICT Group to acquire all of the outstanding shares of the company for eight dollars a piece in cash. This offer represents a premium of approximately 71% over the 30-day average closing price of ICT shares and approximately 122% premium above the last closing price as of February 27. (The Economic Times)
Infosys Looks At Acquiring Strategic Assets Overseas – Infosys Technologies, India’s second largest IT exporter, is planning to acquire ‘strategic assets’ overseas. However, it does not intend to go in for big acquisitions like Axon. The Bangalore-headquartered company is believed to be evaluating two-three companies which are in the revenue bracket of $100-$200 million to eliminate some gaps that exist in its services offerings and increase focus on certain verticals which have been least affected in the midst of the economic slowdown. It is also learnt that the company is looking at healthcare and energy, and utilities as the two major areas for possible acquisitions. It is also learnt that Infosys is evaluating a few opportunities in France, Germany and Japan as it is finding it difficulty to organically grow in these markets. (Business Standard)
Piramal Healthcare Completes the Minrad Acquisition – Piramal Healthcare has completed the acquisition of US-based Minrad International. In a statement to the BSE, the company said shareholders of Minrad would receive $0.12 for every share held. Minrad would be operated as a wholl y-owned subsidiary of Piramal Healthcare. Further, Minrad’s share would no longer be traded on the New York Stock Exchange Alternext Exchange. The healthcare giant has also completed the purchase of Minrad’s 8% senior secured convertible notes. ()
Fidelity Hikes Stake in Satyam to 10.17% – Fidelity Management and Research LLC (FMR LLC) has hiked its stake in Satyam Computer Services to 10.17% with the purchase of 18.27 lakh worth of shares. Fidelity now holds 6.85 crore shares of Satyam Computers. This has resulted in strengthening the position of Fidelity as the second largest shareholder in Satyam, after Larsen and Toubro, which holds a 12% stake in the company. (The Economic Times)
SpiceJet Plans to Buy Domestic Low Cost Carrier – SpiceJet is looking at acquiring a domestic low-cost carrier (LCC) and diluting minority stake to a foreign carrier as the company is expecting to break even next year. SpiceJet is also open to equity dilution to a foreign strategic player. This would be aimed at achieving a global footprint. SpiceJet will sell its stake after controlling at least one-fifth of the domestic market. Its share in the domestic market rose sharply from around 9% to 11.8% in three months. (The Economic Times)
Motorola Ends Ties with Bharti Arm for Local Sales, Ropes in Jaina Marketing – US-based mobile phone vendor Motorola has restructured its sales and distribution structure in India. The company has terminated its sales and distribution arrangement with Bharti Teletech, a subsidiary of Bharti Enterprises. Bharti Teletech was the sole countrywide distributor of Motorola’s mobile phones in India. Motorola has roped in leading Delhi-based distribution firm, Jaina Marketing and Appliances, as its new nationwide distributor. The new distribution partnership kicks off with immediate effect. Apart from consolidating Motorola’s existing sales network, Jaina will be responsible for expanding the network to smaller towns and undertaking various promotional activities. (The Economic Times)
Satyam Clients May Support Non IT Firms’ Bids – The bidding criteria to be formalised for Satyam has received support from an unexpected source. Clients would be comfortable even if the company went to a private equity firm or a large Indian business group without prior IT experience, said Gartner global research head, Peter Sondergaard. Gartner advises clients globally on their IT strategies. In a booster to some of the large Indian business groups such as the Hindujas, that have shown interest in Satyam, Mr Sondergaard said clients would be comfortable with both situations. The bigger worry, at this juncture, is the potential loss of large clients contracts and the need to conclude the sale process speedily, according to Mr Sondergaard, who said large contracts were in the midst of being re-negotiated with other providers. (The Economic Times)
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9 years ago
Aegis, the business process outsourcing (BPO) arm of the Essar Group, has...
9 years ago
Aegis BPO, business process outsourcing (BPO) arm of Essar Group, has acquired...
9 years ago
Essar Group’s business process outsourcing (BPO) provider, Aegis Limited has...