Cisco To Buy Starent Networks For $2.9B – Cisco Systems, a leading supplier of networking equipment and network management for the Internet, has announced its multi-billion dollar acquisition for wireless networking gear maker Starent Networks. For a $2.9 billion bid, Cisco is ready to pay $35 a share in cash for Starent. The deal represents about a 20% premium over Starent’s closing price on Monday of $29.03 per share. (Economic Times)
SAIL To Buy Australian Coke Mines – State run steel producer Steel Authority of India Ltd (SAIL) is looking for opportunities to buy coking coal mines in Australia, Indonesia and Mozambique with an Indian government joint venture. This is part of company’s plan to increase its output to meet growing demand of steel in domestic and international markets. It expects to produce 14 million tonnes steel by June 2010, and around 15 million tonnes in 2011. (Business Standard)
BSNL, MTNL Participation In Zain Bid Unlikely – BSNL and MTNL, the two state run telecom operators, are unlikely to join an Indo-Malaysian consortium that has entered into a preliminary agreement to buy a 46% stake in Kuwait’s Zain Telecom for $13.7 billion. After an informal inquiry, the telcos are not satisfied with consortium leader Vavasi’s credentials. Vavasi did not pay its employees for the past several months, had no revenue streams and had a share capital of just Rs 5 lakh. (ET)
Manipal Education Plans IPO – Private equity backed Manipal Universal Learning (MUL), the corporate entity of India’s largest private player in the higher education space Manipal Education Group, has planned to go for an initial public offering (IPO). The company plans to raise Rs 500-1000 crore from the IPO. Earlier, it has raised around $30 million from IDFC private equity and $40 million from Capital International. (BS)
Essar Arm To Merge With BPO Unit – The Essar group is considering merger of Essar Information Technology Holdings (EITH), which provides common services operations across the group, with its BPO firm Aegis. The merger will help Aegis diversify into areas such as F&A, HR and payroll, as well as bring industry-specific knowledge within the company. It will also help Aegis get a higher valuation when it goes public, as the company hinted to go public at various forums. (ET)
PSB IPO Likely Before Sep 2010 – Punjab & Sind Bank, one of the two unlisted public sector banks in the country, is aiming to dilute government holding by 20-25% through initial public offer (IPO) in the first half of the next fiscal. The company plans to file the draft prospectus with Sebi after March 2010. With the IPO, the bank looks for a long-term capital to support its future growth. (BS)
India Inks $4.2B Loan Agreements With World Bank – India has signed three agreements with the World Bank for a total loan of $4.2 billion. The money will be utilised for recapitalising some of the public sector banks and supporting development of infrastructure and power transmission projects. Out of the total amount, the centre will deploy $2-billion for capital infusion in PSBs, while Power Grid and India Infrastructure Finance Company will get $1 billion and $1.195 billion respectively. (The Hindu)
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