Indian IT service provider, HCL Technologies has finally acquired UK based IT Company Axon. The second largest software services provider infosys technology was also interested for the acquisition but dropped the idea of outbid HCL. Axon is known for consulting services based on business software created by Germany's SAP.

Vijaywada-based Chemcel Biotech (CBL), a company engaged in the business of agro-chemicals will list on the Bombay Stock Exchange with its equity shares on October 13, 2008.

The fixed price offering, priced at Rs 16, was subscribed 1.83 times during its issue period.

The IPO received applications for 25.31 million shares, as against the net issue of 13.80 million shares offered to the public and its employees. The number of applications received for the offer was 6,971 amounting to Rs 40.49 crore.  
 
The company plans to use the earnings from the issue to set up a bio-diesel manufacturing unit at Kondapalli near Vijaywada, Andhra Pradesh with a capacity of 20 TPD of three shifts.

With certain conditions imposed by the State Agriculture Marketing Board and the state government, the German multinational Metro Cash & Carry was finally presented a six month licence to sell farm commodities and other food items to hotels, restaurants, provision stores and other institutional buyers in West Bengal. With this move, Metro Cash & Carry, will be able to open its first outlet in Kolkata in 6-8 weeks.

Madura Micro Finance Limited (MMFL), a leading Indian Microfinance Institution (MFI), has informed that the company has secured a funding worth Rs 22 Crores from the private equity investment firm Unitus Equity Fund L.P. (UEF).  

MMFL has been rated as one of the world's top microfinance institutions by Forbes Magazine 2008-Top 50 Microfinance Institutions while, UEF makes strategic investments in high growth microfinance institutions and social enterprises and is managed by Elevar Equity LLC.   

The Somany Group’s flagship company Hindustan Sanitaryware and Industries Ltd (HSIL) is looking for an acquisition in the range of Rs 130 crore to Rs 300 crore in Europe.

The company is presently is in talks with overseas companies for concentrating on sanitary ware products and bathroom accessories.

HSIL, which sells its products under Hindware brand, has already roped in bankers in Europe to identify potential goal for an acquisition.

The company is keen to acquire a majority stake in those companies that are privately-held and family-run.

The size of the business deal is likely to be in the range of €20-50 million (Rs 130 crore to Rs 300 crore) and the company plan to fund the acquisition through internal accruals.

Bharat Forge Limited (BFL), the second largest forging company in the World, has signed a Letter of Intent (LOI) with the Indian Institute of Technology, Bombay (IIT-B) for creation of an M.Tech Programme for its employees.  

Under the arrangement, the two-year full time M.Tech (Materials, Manufacturing and Modeling) Programme would be designed as per the BFL requirement, to develop the research and development capabilities of its available human resources.  

During the first year of the M. Tech programme, employees of Bharat Forge will be deputed to IIT-B for classroom training on a full time basis, while during the second year the employees would do their project, jointly at Bharat Forge and IIT-B.