Patni Computer Stake Sale Likely By January – The promoters of Mumbai-based IT service and business solution company Patni Computer Systems are studying offers from various companies on stake sale. A decision is expected by January next year. L&T Infotech is understood to be a front-runner for such an acquisition. Private equity company General Atlantic, which holds 18% stake in the company, is also in talks with potential suitors for a stake sale. (Business Standard)
Intel In Talks With ITI For WiMAX JV - The world's largest chip maker Intel is preparing to participate in bids recently invited by ailing state-run telecom equipment manufacturer Indian Telecom Industries (ITI). The move is part of government initiative to set up joint ventures based on various technologies including Worldwide Interoperability for Microwave Access (WiMAX). Other companies like Huawei, Samsung, Alcatel-Lucent and Hitachi may also bid for the joint venture. (BS)
PE Firms Seek Govt Help To Recover Maytas Dues - Private equity investors JM Financial and the Mauritius-based SRS Orion Investments, which invested Rs 600 crore in Maytas Properties early 2008, are seeking government intervention to recover their investment after the property firm failed to return the funds despite an arbitration award in favour of the investors. The investors have requested the government to assist them in the recovery of over Rs 900 crore, including the principal and the interest as directed by the arbitrator, due to them from Maytas Properties. (Economic Times)
BK Modi’s Spice Looks At Acquiring Financial Services - Spice Investment and Finance Advisors Pvt Ltd, promoted by BK Modi, is marking an ambitious entry into financial services that includes insurance, mutual funds, microfinance, broking and distribution. In September, Spice Investment and Finance acquired 51% in Wall Street Finance Ltd after the Reliance-Anil Dhirubhai Ambani Group (R-Adag) sold its nearly 37% stake in the money changing and transfer firm. The firm will now be renamed Spice Money. (Mint)
Corporation Bank To Raise Rs 6,000Cr - Mangalore-based Corporation Bank has projected Rs 4,000-6,000 crore capital requirement to the government assuming a business growth of 25% over the next three years with capital adequacy ratio of more than 12%. The government is likely to infuse capital in public sector banks and has indicated that it may start the capital infusion process by end of December or early January. (BS)
CoS To Meet On Nov 17 On FDI In Aviation - The Committee of Secretaries (CoS) will meet on November 17 to review the foreign direct investment (FDI) in the aviation sector, among other sensitive sectors. The government is looking at a proposal to increase the FDI limit to 74%. For airlines, 49% FDI is allowed in the aviation sector, however, non-resident Indians can own 100% in an airline, but no direct or indirect equity participation by foreign airlines is allowed. (BS)
IRB Eyes Acquisitions – Virendra Mhaiskar, chairman and managing director of Mumbai-based IRB Infrastructure Developers Ltd, one of country’s leading build-operate-transfer (BOT) road developers, plans to make IRB a debt-free company to be able to compete and diversify in new areas. The company will also pave the way to inorganic growth. It has earlier taken debt from Deutsche Bank, Goldman Sachs and Merrill Lynch. Between them, they have picked up a 10% stake in IRB. (Mint)
Blend Financial Services Enters Into A Factoring Services JV : Blend Financial Services Ltd (“BFSL”) has entered into a Joint Venture with Punjab National Bank,FIM Bank, Malta, Banca IFIS, Italy on 4th Nov 09, for offering Factoring, forfeiting and Trade finance services. PNB is one of the leading public sector banks in India, engaged in the business of providing banking and other allied services. FIM Bank Malta is a licensed credit institution under the Malta Banking Act 1994 and specializes in international trade finance. IFIS is engaged in the business of factoring since 1983 and is authorized to carry out banking activities in Italy by the Bank of Italy and specializes in domestic and international factoring activities.