Tech Mahindra to acquire 75 % stake in startup
Tech Mahindra has entered into an agreement to acquire 75 % stake in a technology startup, FixStream Network Inc (FSNI), for $10 million, or about R60 crore, the company said in a stock market disclosure. FSNI is going to develop emerging technology which will benefit Tech Mahindras customer base, it said. Tech Mahindra shares touched a high of R1, 790, up 1.14%, during intra-day trade on the BSE on Monday. They were trading at R1, 774.80 at 2 pm.
Alstrom bags 30-m contract from BHEL
French power equipment maker Alstom said on Monday it had bagged a 30-million-euro contract from state-owned BHEL to supply parts and services for a thermal power plant in Odisha. "Alstom has been awarded a contract by Bharat Heavy Electricals worth close to 30 million euros (about R250 crore) to supply components and services for the 2x660 MW Banharpalli super thermal power project located in Jharsaguda, Odisha," the company said. Separately, Alstom T&D India has secured a contract worth euro 8.4 million (R67 crore approximately) from PowerGrid Corporation to expand and upgrade energy management systems for several control centres in the northeast.
Aspire Systems acquires Belgium IT offshoring co
Chennai-based Aspire Systems on Monday announced the acquisition of Applied Development, a Belgium-based IT offshoring company that develops software for European customers in India, for an undiclosed sum. This acquisition will help Aspire expand into the European market, particularly in the Benelux region (includes Belgium, Netherlands & Luxemburg), with a recognided client base created by Applied Development. With a headcount of fifty employees in India and Belgium, Applied Development recorded a 45% increase in revenue last year.
Theresa Stevens is Lupins global m&a head
Lupin has announced the appointment of Theresa Stevens as chief corporate development officer for its global operations. Theresa will assume full responsibility for global merger and acquisitions and specialty business strategy. Prior to joining Lupin, Theresa was with Aptalis pharma and he has also worked with Novartis. Lupin had earlier this year appointed Maurice Chagnaud as president - Europe & head of inhalation strategy, who had joined from Teva where he was vice-president, Central & Eastern Europe. The company is targeting lucrative niche segments like inhalation, which is valued at over $23 billion.
HTC launches its cheapest smartphone for R8,700
With an aim to more than double its market share in two years in India, smartphone maker HTC has announced the global launch of its lowest priced smartphone, Desire 210, for R8,700 here. "In the last 12 months or so we have been thinking about to come up with a sub-R10,000 product for Indian market ...if we are able to be succesful on that front it could be taken outside as well, in not just emerging market but sometime industrial economies as well," HTC President for Global sales and CFO Chialin Chang said.
Gujarat NRE Coke board to discuss share sale
Gujarat NRE Coke on Monday said that its board of directors will meet on April 24 to consider selling shares to ICICI Bank through private placement. In a filing to the BSE, the company said the share sale is according to the terms set for Gujarat NRE Coke under a corporate debt restructuring (CDR) plan. The company, at the board meet, will also consider issuing convertible warrants to promoters and non-promoter entities on a private placement or preferential basis.
Maytas Infra wins Saudi road drainage contract
Maytas Infra Saudi Arabia, a subsidiary of IL&FS Engineering and Construction Company (IL&FS Engineering Services), has received a Letter of Award from Saudi Binladin group for road drainage works for King Abdul-Aziz International Airport Development Project-Phase1, Jeddah in Kingdom of Saudi Arabia (KSA). The total value of the contract is Saudi Riyals 166.89 million (equivalent to R268 crore). The scope of work involves construction of road drainage works.