Business News

INDIAN COMPANIES planning to raise resources from the US markets without adhering to stringent US listing norms and the famous SarbanesOxley Act are now using Section 144A of the Securities and Exchange Commission (SEC) Act.

Is this the same boomtown? Is India's dream to become a global powerhouse for software and business services an illusion? Looking at the current year, one might see dark clouds.

State-owned Engineers India Ltd (EIL) is set to form a joint venture company with Italian major Tecnimont SPA to undertake engineering, procurement and construction (EPC) projects in United Arab Emirates (UAE). The joint venture will be for a period of ten years with a mid-term evaluation after five years of the formation of the new entity.

Former Golf pro-turned-businessman Greg Norman is betting big on India. In the next five years, the Australia-born world number one golf champion will try to make his mark in different sectors in the country – ranging from real estate to retail to wines.

Reliance Money, spearheading the personal finance initiatives of the Reliance ADAG group, has emerged in a big way in primary market fund raising activities by garnering over 20 per cent of a total number of over 49,70,000 applications received in the Reliance Power(RPL)initial public offer (IPO). This despite the involvement of all leading merchant bankers in the issue.

India's annual tea export is headed for a new low in 2007 owing to a global shift from black tea to green tea. The country's total tea production in 2007 is also slated to take a dip.

Education loans for students to pursue higher studies in India or abroad have become popular among Indians today. In fact, it has become the norm as opposed to even 15 years ago when anyone who wanted to pursue further studies would look at an indulgent relative or friends to stump up the required money.

Travelguru, the online travel portal has signed a strategic agreement to acquire Desiya.com, a B2B hotel portal based in Gurgaon. The deal size is $25 million. Desiya.com is a New Jersey-based online travel company with offices in London, New Jersey, Gurgaon and Kolkata.

Investor delight at a concerted central bank attempt to relieve jammed money markets fizzled out on Thursday with experts saying the credit crisis would only end when commercial banks trusted each other again.

THE PARENT of Max New York Life Insurance (MNYL) will pump in over Rs 2,400 crore in India over the next three years to allow it to keep pace with the high growth momentum it has achieved here, the New York Life Insurance Company (NYLIC) said.

Buddhadeb Bhattacharjee has conceded that the Nandigram unrest had exposed his government's 'administrative and political' failure.

It might seem far-fetched, but in a world where global politics and fuel prices are closely linked, a military development in the Persian Gulf could make a big difference to the Indian economy.

DELHI-BASED FEDDERS Lloyd Group entered into a marketing venture with the Victor Company of Japan, better known by its consumer electronics brand JVC, to commercially launch more than 52 JVC products across India in January 2008.

India on Thursday told the European Union (EU) that it is keen on inking the proposed free trade agreement (FTA) within the next one-year. It also unequivocally stated that the Doha round of the World Trade Organisation (WTO) can be concluded only if developed nations, particularly the United States, reduced farm subsidies.

DELHI-BASED REALTY developer Vatika Group has signed agreements with three reputed international financial institutions, the Wachovia Bank, Baer Capital and Goldman Sachs for financial participation in the company to the tune of Rs 1,000 crore ($250 million). The funds disbursement has already begun and the complete infusion would be completed by the end of the fisrt quarter of 2008.

It could be a big showtime for entrepreneur Rohinton "Ronnie" Screwvala. The US based $63 billion entertainment giant,The Walt Disney Company Ltd, the company behind Mickey Mouse and Donald Duck cartoons, is all set to acquire management control in UTV Software Communications Ltd, the company promoted by Screwvala.

LEADING DETERGENT maker Nirma has entered into an agreement to acquire the US-based natural soda ash producer Searles Valley Minerals Operations (SVM) from an affiliate of Sun Capital Partners, Inc. The company has not disclosed the value of the transaction.

India and Russia on Monday agreed that the national oil companies of the two countries should concretise mutually beneficial projects in several fields.

WIPRO LIMITED has set up a centre in western Sydney to bag outsourcing deals from Australia, besides extending its geographical reach.