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SOUTH ASIA DIGEST
And to America Tata Consultancy Services will buy Citigroup's India back office unit for US$505 million and expects revenue to start flowing in from the acquisition as soon as the first quarter of next year, says TCS Chief Operating Officer N. Chandrasekaran.
Nomura in, Lehman out Japan's Nomura will buy over the defunct Lehman Brothers' India operations, a move that would expand its workforce in India by 3,000, including 1,200 IT professionals.
ArcelorMittal, the biggest steelmaker in the world, has acquired 60% of privately held Dubai Steel Trading Company for an undisclosed sum. Dubai Steel, formed in 1986, has 50 staff and sells mainly to the construction market.
Solar Semiconductor Private Ltd, a maker of photovoltaic modules based in Hyderabad, has signed a 10-year agreement to supply Deutsche Solar AG, a subsidiary of SolarWorld AG of Germany, worth US$1.2 billion.
Bra power Triumph, arguably the most famous women underwear brand in the world, will invest Rs 100 crore (US$25 million) to open 100 stores in India in the next two years.
Citigroup CEO Vikram S Pandi is severely embarrassed after the bank he took control of last December had to write down US$202 million on the value of Old Lane, a hedge fund of which Pandit was a co-founder. Citi bought Old Lane for US$800 million, a purchase that brought Pandit into the group. Citi will restructure Old Lane after “substantially all” its outside investors withdrew their money.
The Bangladeshi government has stopped coal imports from India, citing their high sulphur content. The government has stipulated the coal should not contain over 1% of sulphur to protect the environment, but coal from India has well over 2% of sulphur. Local coal traders say the ban will lead to more firewood being cut for brick kilns and end up creating more damage to the environment.