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News Roundup: L&T Sees Synergy with Satyam But Will Not Invest Now

11 January, 2009

Kotak Mahindra Realty Arm Raises $295 Million PE Fund – Kotak Mahindra Bank’s realty arm has raised $295 million private equity fund from offshore clients. The fund raised will be invested in Indian property sector. The unit has $800 million across three funds of which $450 million was available for investment. (Business Standard)

L&T Sees Synergy with Satyam But Not Keen on Investing Now – Satyam’s largest single share holder with 4% stake I the company, L&T (Larsen & Toubro) sees a lot of synergy between the core strengths of Satyam Computer services and its IT subsidiary, L&T Infotech. L&T Infotech is an unlisted company. L&T, however, does not plan to raise its stake in the troubled IT major till the financial status of the company improves. According to sources, L&T is open to joining a government committee to oversee the company’s affairs till a new management takes over. (Business Standard)

SEBI to Review Auditors Reports of All Sensex and Nifty Firms – The Securities and Exchange Board of India (SEBI) will set up a panel to review all records maintained by auditors on the quarterly results of companies listed on the Bombay Stock Exchange 30-share Sensex and the National Stock Exchange 50-share Nifty. The review will be taken up after the third quarter results, which will be shortly announced and the audited results of the second quarter. SEBI will also review some companies outside the Sensex and the Nifty lists. (Business Standard)

ONGC Borrows $1 Billion to Finance Imperial Energy Acquisition – India’s biggest energy exploration company, Oil & Natural Gas Corporation (ONGC) has borrowed Rs 5,250 crore ($1 billion) finance its take over of UK-based Imperial Energy. Sources suggest that ONGC Videsh sold one-year commercial paper to about 15 investors paying interest of 8.15 per cent. The sale had been arranged by the Citigroup. ONGC tapped the commercial paper market after a series of interest rate cuts in Asia’s third-largest economy reduced borrowing costs.(Business Standard)

6,000-10,000 Layoffs Feared At Satyam – Satyam Computer Services, whose chairman recently quit admitting to have committed a fraud of Rs 7000 crore, is toying with the idea of laying off 6,000- 10,000 employees. The company said on Thursday that it wasn’t confident of being able to meet the salaries of its employees for the month of January. Satyam currently has a head count of over 53,000 employees. According to the sources, freshers and juniors who have completed less than 2 years at Satyam might be spared the axe. Mid-managerial project managers and team leads with experience ranging between three and seven years are also in a vulnerable position. (Business Standard)

TCS Eyes Buying Siemens Information – India’s largest IT services firm Tata Consultancy Services (TCS) is eyeing the acquisition of Siemens Information Systems Ltd (SISL), the IT business arm of Siemens Ltd. as it is expected to be up for sale. Sources suggest that TCS, which had recently announced that it was looking for two more large acquisitions in the BPO space,  has already initiated talks with Siemens for a possible buyout of SISL. (DNA Money)

Dewan Housing to Acquire Home Finance Firm – Mumbai-based Dewan Housing Finance Corporation Ltd (DHFL) is set to make an acquisition in the housing finance space. Though details of the potential acquisition and the costs associated with it are not available, Dewan Housing Fin board met on Thursday to take a final call on the buy. The company has been granted an approval for the acquisition of an unlisted housing finance company. The BSE listed company is targeting fresh loan disbursements of Rs 1,000 crore to take the total disbursements in the current fiscal to Rs 2,000 crore. (DNA Money)

 

 

 


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News Roundup: L&T Sees Synergy with Satyam But Will Not Invest Now

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