India Business

Global Slowdown To Hit Export: ESC

D K SareenThe ongoing global slowdown can hit the export growth rate of the nation for the current financial year. Country's growth target for 2009-10 may be revised under such hard circumstances. It is said by the Executive Director of Electronics and Computer Software Export Promotion Council (ESC), Mr D. K. Sareen in the sidelines of a conference on India Soft 2009 on Tuesday.

Government Issues Oil Bonds For OMCs

Government Issues Oil Bonds For OMCsThe Union Government announced to issue the oil bonds worth Rs 22,000 cr to three oil marketing companies of the country. Indian Oil Corporation, Hindustan Petroleum, and Bharat Petroleum would get Rs 11,975.51 crore, Rs 4,693.73 crore and Rs 5,330.76 crore respectively.

Fortis Plans To Raise Rs 1000 Cr Through Rights Issue

Fortis Plans To Raise Rs 1000 Cr Through Rights IssueFortis Healthcare has announced that it will raise Rs 1,000 crore through rights issue for funding its debt repayment and business expansion.

The company said that the proceeds of the right issue would be used primarily for funding projects including the upcoming Medi-City project in Gurgaon, redemption of preference shares, repayment of short-term debt, upgradation of existing facilities and tapping future investment opportunities.

Wipro To Acquire Citi IT Arm For $127 Million

Wipro, CitigroupIndian software and outsourcing giant Wipro Technologies, is all set to buy the IT arm of Citigroup for around $127 million. Citi Technology Services deals with IT services and solutions of City group's Indian operations.

Citigroup would outsource all future infrastructure management contracts to Wipro. The Indian firm would also absorb about 2000 employees of City in its Mumbai and Chennai offices. It would provide all infrastructure and development related aids to the bank for six years, to assure revenue of at least $500 million.

Maruti To Commence A-Star Shipping To Nissan In Q4FY09

Maruti To Commence A-Star Shipping To Nissan In Q4FY09 Country’s largest car maker company, Maruti Suzuki India Ltd, has said that it expects to commence the shipping of its A-star small car to Nissan from February-March for sale in Europe.

However, Maruti Suzuki India Managing Director, Shinzo Nakanishi said that the company was yet to agree on the exact number of cars it would supply to Nissan.

Nakanishi also indicated that if the market condition does not improve then the company may consider production cut.

World Bank Bans Satyam For 8 Years

World Bank Bans Satyam For 8 Years The World Bank has decided to ban, India's top computer software services provider Satyam Computer, for eight years, starting from September this year. The company has been charged with the data theft and paying bribes to its staff for its vested interests. The bank has decided to snap all business ties with the computer giant, following a flood of complaints.

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