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Business & Economy
Foreign equity
players see
high growth in India
What is India News Service,
Friday, 17 December 2004, 2000 hrs IST
A rapidly growing economy and an outsourcing boom have drawn a steady stream
of private equity players to India in recent years, and the industry looks set
to boom after a string of big deals.
Lured by India's promise, global
houses Warburg Pincus, Newbridge Capital and CVC-Citigroup have spent the past
few years investing
in an array of industries from pharmaceuticals and telecom to infrastructure
and financial services.
That interest is set to heat up as sturdy
growth in new investment and a jump in profitable sales of acquisitions prompt a
flurry of activity by private equity firms, which buy stakes in companies in the
hope of selling them later at a profit.
"While people had been operating in India with mixed results for a number
of years, a string of successful divestments have made the country a more viable
option," said Mark Thornton, South Asia managing director for U.K. private
equity firm 3i.
The deals are strengthening interest in Asia's
fourth-biggest economy, with a focus on industries driven by the Indian consumer
and sectors that are benefitting from the country's technical expertise.
This year's high-profile deals included the
$500 million purchase of a 60 percent stake in GE's Indian back-office unit by
U.S.-based General Atlantic Partners and Oak Capital Partners.
RBI
hints at stringent liquidity control measures:
The Reserve Bank of India today said the bank would use all its instruments to
manage liquidity in the system following increased FII (foreign institutional
investors) inflow.
Reliance Infocomm expresses inability to pay Rs 84 cr to BSNL:
Reliance Infocomm has expressed its inability in the Supreme Court to pay Rs 84 crore (Rs 840 million) to BSNL towards charges on incoming international calls.
Court
to take up only 1999 Lodha will: The Birla-Lodha case took an important turn
with Justice Kalyan Jyoti Sengupta passing an order in the five-month old
dispute over the ownership of the assets of M. P. Birla.
'Indian
IT pros heading back on home attraction': The growing trend of offshoring
combined with rising employment opportunities in India is drawing Indian IT
professionals settled abroad, back to the country, according to a report.
Broadband
at Rs 500 from Jan 15:
Public sector telecom giants BSNL and MTNL will launch their broadband services
throughout the country on January 15, 2005 at Rs 500 per month.
Trai yet to decide on Flag Telecom:
Telecom Regulator Trai said it was still discussing the issue of resale price of bandwidth supplied by Flag Telecom where the company has been accused of offering unfavourable commercial terms and conditions to Indian IT and ITeS companies and added that no directive has yet been issued on the matter.
SAIL chalks out Rs 675 crore upgradation plan:
The Steel Authority of India Ltd (SAIL) board of directors has given the go-ahead for a number of projects involving a total investment of over Rs. 675 crore. The projects, aimed at upgrading technology in existing production facilities, are part of the first phase of the company's growth plan that envisages increasing production of value-added steels by the year 2012.
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