RBI okays HDFC's foreign fund limit
Mumbai: The Reserve Bank of India has approved foreign funds to own up to 74 per cent of Housing Development Finance Corporation.

In October the board of HDFC, the country's largest mortgage lender, approved hiking the foreign fund ownership limit to 74 from 49 per cent.
Back to News Review index page  
Naik to intervene in HPCL-Birla dispute
New Delhi: Petroleum minister Ram Naik is likely to intervene to resolve the dispute between Hindustan Petroleum Corporation and A V Birla group over valuation of latter's stake in the Rs 2,400-crore Mangalore Refineries and Petrochemical.

Naik will meet Kumarmanglam Birla next week to hear his views on the matter. The minister would also ask HPCL to put forth its views, Naik told reporters here.

While HPCL has expressed its intent to buy out 37.5 per cent stake of A V Birla group to ease them out of the loss-making refinery, price per scrip has been a major issue, he said.

HPCL board met here on Monday but was unable to arrive at any price acceptable to A V Birla group.
Back to News Review index page  
Talisma raises $10m in new investment round
New Delhi: Customer relations management software maker, Talisma has received $10 million as part of a third round of funding.

The US-based company said the earlier two rounds in October last year and February this year raised a total of nearly $44 million.

The money will be used to continue funding Talisma's operations in North America and India as the company moves towards profitability over the coming quarters.
Back to News Review index page  

VSNL to use Microworld's products
New Delhi: Microworld Software Services has tied up with Videsh Sanchar Nigam for its Escan software products.

VSNL will bundle Escan antivirus and content-security product from Microworld Software Services with all its ISP CDs, according to a company statement here.
Back to News Review index page  
Baazee.com acquires Bidorbuy.com
Mumbai: Baazee.com has acquired the Indian operations of US-based Bidorbuy.com in an all-stock deal.

Baazee.com, which offers a trading platform for 19 product categories ranging from arts to travel, is funded by high-profile investors including News Corp, Chrysalis Capital, Viventures, ICICI and steel baron L N Mittal.

Baazee has a registered base of 1.2 million users.

The merger of the two companies is expected to be completed within two months.
Back to News Review index page  
Kotak mandated advisor for MUL
New Delhi: The government has mandated Kotak Mahindra to act as global advisors for disinvestment of Maruti Udyog Ltd (MUL).

Kotak Mahindra was among six merchant bankers including Meryll Lynch and Lazard Capital who were in the fray for appointment as advisors in MUL, which has decided to go for a Rs 400 crore rights issue.

In addition, government would also appoint one domestic and two international accountancy firms as valuers for MUL.

The process of disinvestment in Maruti would start with the auto JV coming out with Rs 400 crore rights issue in which government would sell its interest to the best bidder at a premium.
Back to News Review index page  
Govt to offload 51% stake in IPCL
New Delhi: Government would sell 51 per cent equity in Indian Petrochemcials, including 26 per cent to a strategic partner in 90 days.

The Government would transfer management control to successful bidder for 26 per cent stake in IPCL and the new partner would have first right of refusal for remaining disinvestment of 25 per cent equity that could be sold to public.
Back to News Review index page  

AirTel ties up with GTB
New Delhi: AirTel has tied up with Global Trust Bank to provide mobile banking services. AirTel's mobile banking service would be available to both 'post paid and pre paid' customers.

The company already has a tie-up with HDFC bank for mobile banking in Delhi.
Back to News Review index page