Indian IT services provider Wipro Technologies has decided to acquire Citigroup’s arm, Citi Technology Services, the technology and infrastructure outsourcing arm of Citibank for an all-cash offer of $127m.
Founded in 2005, India-based Citi Technology provides IT services to the Citigroup entities in more than 32 countries. The company provides critical technology infrastructure support, development and deployment of strategic software applications in the BFSI domain.
India's second largest real estate firm, Unitech has terminated the services of about 10 percent of its employees, following the slowdown in the industry. The reality sector is facing the heat of the global financial turmoil and is applying many cost cutting measures to mitigate its impact.
Fortis Healthcare would raise funds with rights issue by the end of June 2009. The company board has approved the plan to raise Rs 1,000 crore. The funds would be used for debt adjustments and further expansion of the business. Significant parts of the fund would be used for the proposed Medi-City project in Gurgaon. Fortis would also upgrade its existing facilities and explore more investment opportunities in the market. The company currently has 23 hospitals and wants to add more by 2012.
Auto makers may extend production cuts in the wake of the severity of global financial crisis and slowdown in the coming times. Both commercial and passenger vehicle segments reported decline in the month of November and auto sector growth rate may further decline as per reports.
It has been announced by the Mahindra Ugine Steel Company that it has decided to align the company's production plans with the expected demand due to the ongoing economic slow down in the steel as well as the automotive industry and taking into account the slowdown in demand for the company's products.
Indian IT services provider Wipro Technologies has decided to acquire Citigroup’s arm, Citi Technology Services, the technology and infrastructure outsourcing arm of Citibank for an all-cash offer of $127m. 
India's second largest real estate firm, Unitech has terminated the services of about 10 percent of its employees, following the slowdown in the industry. The reality sector is facing the heat of the global financial turmoil and is applying many cost cutting measures to mitigate its impact. 
Fortis Healthcare would raise funds with rights issue by the end of June 2009. The company board has approved the plan to raise Rs 1,000 crore. The funds would be used for debt adjustments and further expansion of the business. Significant parts of the fund would be used for the proposed Medi-City project in Gurgaon. Fortis would also upgrade its existing facilities and explore more investment opportunities in the market. The company currently has 23 hospitals and wants to add more by 2012.
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Auto makers may extend production cuts in the wake of the severity of global financial crisis and slowdown in the coming times. Both commercial and passenger vehicle segments reported decline in the month of November and auto sector growth rate may further decline as per reports. 
It has been announced by the Mahindra Ugine Steel Company that it has decided to align the company's production plans with the expected demand due to the ongoing economic slow down in the steel as well as the automotive industry and taking into account the slowdown in demand for the company's products.
