Citi India Sacks Senior Staff - The troubled banking giant has sacked around 37 officials, which constituted mainly of senior executives. People have been asked to leave from retail, investment bank, treasury and global transaction business. The bank has given a three-month
notice and a month's salary for every completed year of service as compensation to these employees. This comes at a time Citi's India head Sanjay Nayar is leaving to join private equity giant KKR and Citigroup has announced that it will globally cut 50,000 jobs.
UK Co Buys Infovision BPO For $75 mn - UK-based $6 billion firm Serco Group has bought out Gurgaon-based BPO major InfoVision. This is the first acquisition of an India focused BPO by a overseas firm. Serco Group acquired a 60% stake and will acquire the rest over the next couple of years. InfoVision group has about 10,000 personnel and 60 clients.
Great Offshore Promoter May Dilute Stake - Great Offshore promoter Vijay Sheth is in talks with banks, financial institutions and rival companies to raise funds. Sheth is raising funds to meet margin calls from the lenders, to who he has also pledged the shares. Some rival
firms firms as ABG Shipyard, Punj Llyod and Videocon have also bought shares of the firm. Two senior officials of the firm, Naresh Chandra, a director, and chairman Sevantilal Parekh have also stepped down.
Wockhardt In Talks To Raise $150-200 mn - Drug manufacturer Wockhardt Ltd is in talks with a few private equity players and strategic partners to raise around $150-200 million. The firm is raising funds as to meet liabilities arising out of redemption of $110 million worth of foreign currency convertible bonds (FCCBs), which the company issued in 2004 at a conversion price of Rs486 per share.
EID Parry Buy 48% In US Firm - Chennai-based EID Parry India has acquired 48% in a US-based nutraceutical company Valensa International. The deal has been done at $9 million and will help EID Parry to expand its business. The firm has also announced its plan to set up a life sciences division at the IIT Madras Technology Park for developing novel formulations to address various lifestyle diseases.
Niligiri Dairy Exits Hospitality Biz - Private equity controlled Nilgiri's Dairy Farm has exited from the hospitality business and has sold off its three prime properties in Bangalore, Chennai and
Coimbatore. The properties have been sold to Chennai-based Shabari Hotels for around Rs 100 crore. Actis acquired a 65% stake in the firm for around $65 million in late 2006.
RIL Raises Rs 2,000 Cr From Bonds - India's largest firm Reliance Industries (RIL) has raised Rs 2,000 crore through five-year bonds at an annualised coupon of 11.45%. This is the first time that RIL has tapped the rupee bond market after five years. RIL is also likely to raise Rs 5,000 crore through non-convertible debenture (NCD) to be issued to Life Insurance Corporation.