Briefly Business

Paving the way for iGates $301 million open offer for purchase of 20 per cent stake in Patni Computer from public shareholders,market regulator Sebi has cleared the deal.

Sebi clears iGates 20% open offer of Patni

New Delhi: Paving the way for iGates $301 million (about Rs 1,349 crore) open offer for purchase of 20 per cent stake in Patni Computer from public shareholders,market regulator Sebi has cleared the deal. US-based iGate had announced in January a deal to acquire 63 per cent stake in Indian IT company Patni for a total consideration of $921 million (Rs 4,188 crore). Besides,iGate had also announced an open offer for purchase of up to 20 per cent stake from public shareholders,taking the total deal size to $1.22 billion (Rs 5,400 crore).

CCEA may clear FDI in Hero Group today

NEW DELHI: The Union Cabinet is likely to approve on Tuesday the induction of Rs 4,500 crore foreign equity by Hero Investments Pvt Ltd (HIPL),mainly to fund the buyout of 26 per cent stake of Japans Honda in Hero Honda. According to sources close to the development,Cabinet Committee on Economic Affairs (CCEA) is likely to discuss and approve the proposal in a meeting to be held on March 29. Along with some other proposals,the Hero Groups proposal to raise Rs 4,500 crore will also be discussed by the CCEA on Tuesday, a source said.

ONGC signs MoU with oil min for FY12

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NEW DELHI: ONCG and ministry of petroleum and natural gas has signed a memorandum of understanding (MoU) for the year 2011-2012. The MoU,besides having specific targets for physical and financial performance,would also measure performance of the company against parameters on human resource management,R&D,CSR activities,sustainability development.

MS India appoints Pramanik as chairman

NEW DELHI: Software giant Microsoft on Monday said it has appointed Bhaskar Pramanik as chairman for its India operations. The appointment,effective Monday,comes less than two months after Ravi Venkatesan quit as Microsoft Indias chairman and corporate vice-president.

AAI signs MoU with aviation min for FY12

NEW DELHI: Airports Authority of India on Monday signed a memorandum of understanding (MoU) with the ministry of civil aviation that aims at monitoring and enhancing the overall performance of the former. The MoU spells out the targets to be achieved by AAI on key performance areas such as augmentation of capacity of airports and air traffic services,generating adequate internal resources for financing expansion and modernisation plan during the year 2011-12.

CIL production target scaled down to 440 MT

NEW DELHI: The government on Monday said Coal India has lowered the production target to 440.20 million tonne from 460.50 million tonnes for the current fiscal. The Navratna company,however,is likely to miss the revised target too as the output recorded by February stood at 380.62 million tonnes (MT).