Also, Mahindra Satyam is and Tech Mahindra are likely to announce a merger plan today. The Mahindras said the merger was being done to consolidate the information technology, software and related businesses of the group into a single entity providing services in this sector. The merger is slated to form India’s fifth-largest IT player in the country in terms of market capitalization of around Rs 17,000 crore, or over $3 billion, with a headcount ranging from 70,000 to 75,000 people. The MSat-TechM merger may well signal the end of the road for the brand Satyam that took a major beating when the worst corporate fraud in India’s history rocked the company [source]
Reliance Capital acquires stake in Mahindra Satyam
Reliance Capital Trustee Company, a subsidiary of Anil Dhirubhai Group’s Reliance Capital Ltd, today purchased 13 million shares of Mahindra Satyam, erstwhile Satyam Computer Services, for over Rs 87 crore.
In one of the bulk deal, Reliance Capital Trustee Company bought 12,960,000 equities of Mahindra Satyam, according to data available on stock exchanges. [source]
Government to refund over Rs 2,500 cr to Vodafone: Salman Khurshid
Within hours of Supreme Court dismissing the review petition in the Vodafone’s tax case, Law Minister Salman Khurshid said the government will have to refund money (about Rs 2,500 crore and interest) to the firm.
“You can only tax on the basis of existing law. We have no right to tax them, current law will prevail so long law is not changed,” Khurshid said.
32% increase in diesel price make tower companies go green
On March 14, Indus Towers, the world’s largest telecom-tower company, said it would replace diesel generators with batteries on 20,000 of its 1,10,000 towers by next year with the objective of reducing its carbon footprint. It added it had already stopped using diesel – an environment-unfriendly fuel – as the power back-up in 5,000 towers, saving 3.6 million litres of the fuel a year.
Indus – a joint venture between mobile service providers Vodafone India, Bharti Airtel and Idea Cellular – is pitching ‘Indus green city’ as an example of its environment stewardship.[source]
FM radio Phase 3 licences auction may be postponed again
The auctioning of new FM radio licences has hit another wrong frequency. The Information and Broadcasting Ministry sources say the Phase 3 auctions may now only begin by end of August. For radio stations keen on tuning into newer towns, this comes as another setback to their expansion plans.[source]