The long-standing dispute between Tata-controlled Videsh Sanchar Nigam Ltd (VSNL) and FLAG Telecom, part of the Anil Dhirubhai Ambani Group (ADAG), over the FLAG Europe-Asia cable system has worsened, with FLAG moving the International Chamber of Commerce (ICC) seeking â€œmonetary reliefâ€ of $406 million, plus interest, from VSNL.
On 6 Feb, VSNL told BSE that it had received communication from FLAG seeking compensation. VSNL will study the claim and file its response with ICC â€œin due course.â€ Responding to the news, VSNL stock plunged 3.4% on Tuesday on the BSE to end at Rs 488.50, compared with Rs 505.70 on Monday.
The dispute between the two companies started a fewâ€¦â€¦â€¦â€¦â€¦â€¦.
Read More @ : Financialexpress
The acquisition of Corus is likely to benefit other Tata group companies as well. Tata Steel, which has bought the Anglo-Dutch steelmaker for $12.2 billion, is planning to offshore some of Corusâ€™ functions such as IT and equipment manufacture, to India in a move that could boost TCS, Asiaâ€™s largest software services firm.
While the finer details of this offshoring work are being worked out, MD B Muthuraman ruled out any reduction in Corusâ€™ workforce. â€œApart from steel, there are a lot of other strengths Corus has, that can be tapped by Tata Steel, in consultancy and other areas. Weâ€™ll try to increase these synergies. I see much benefit flowing to TCS also,â€ he said.
Read More @ Economic Times
The Tatas beat Brazil’s CSN to acquire Anglo-Dutch steelmaker Corus Group Plc at slightly more than $11 billion.
With a bid of 608 pence a share, Indian corporate giant Tata Steel outsmarted CSN’s 603 pence a share offer during the night-long auction process.
CSN officials confirmed pulling out of the race to acquire Europe’s second-largest steel firm after a final offer of 603 pence a share. Tata officials remained tightlipped.
Tata Steel raised its final offer to 608 pence a share by the time the auction entered the concluding ninth round from 500 pence a share at the start of the auction.
The company also stated that it will shortly seek approval of its revised offer from the Board of Corus Group Plc and the $11.3 billion transaction is likely to be finished by the mid-March this year.
Read More @ NDTV
In what is the largest Indian acquisition abroad so far, Tata Sons and Tata Tea have signed a definitive agreement to acquire a 30% stake in US-based enhanced water maker Glaceau, with an investment of $677 million.
The stake is being bought in Energy Brands Inc, which owns Glaceau, from US-based leading private equity firm TSG Consumer Partners.
Glaceau products fall in the health and wellness category and its brands include nutrient-enhanced Vitaminwater, electrolyte-enhanced Smartwater and flavour-enhanced Fruitwater.
Energy Brands sells five million bottles of Glaceau water products daily, and the investment brings the Tata group in direct competition with PepsiCo Inc, which is the US leader in non-soda sales, with 49% of the market. Arch rival Coca-Cola has a 25% share.
Tata group has become the only Indian entity to feature among the top 20 companies worldwide in the 9th annual Global Most Admired Knowledge Enterprises (MAKE) study.
The Tata Group has been recognised in the 2006 Global MAKE study — international benchmark for best practice knowledge organisations — for developing knowledge workers through senior management leadership, Tata said in a release.
“This award is a matter of great satisfaction for the Tata Group. Innovation and speed have become the key differentiators in the market place and improvements in knowledge management processes in our companies are central to their being innovative and nimble footed,” Tata Sons Chairman Ratan Tata said.
In what can be termed as the growing prowess of the Indian IT sector, Tata Consultancy Services Chief Executive Officer and Managing Director S Ramadorai has been named as the sixth most influential person in the global enterprise IT sector.
Ramadorai was ranked a notch below Oracle’s Larry Ellison, but was positioned above IT biggies such as Alfred Chuang and Kevin Rolls by global IT magazine Computer Business Review .
“What led us to put him at number six is his firm’s winning of one of the UK’s largest ever business process outsourcing deals, a $848 million, 12-year-contract from UK’s Pearl Group. It is also the largest manpower transfer deal undertaken by any Indian IT company,” said CBR officials.
“His efforts have helped make TCS one of the largest global software and service companies, with almost 50,000 associates working in 53 countries and an annual revenue of $2 billion.
Under Ramadorai’s watch, TCS has more or less doubled its revenue every two years. TCS best reflects the profound influence that offshoring, and in particular Indian offshoring, has had on the enterprise IT sector,” they said.
UK-based CBR is considered as the largest IT enterprise magazine in the world.
Tata Consultancy Services reported its consolidated financial results according to Indian GAAP for the quarter ended June 30, 2006.
Highlights for Quarter Ended June 30, 2006
Total Income at Rs 4227 crore ($ 918 million) up by 13.96% Q-on-Q
Net Profit at Rs 883 crore ($ 192 million) up by 6.07% Q-on-Q
EPS up from Rs. 17.01 in previous quarter to Rs. 18.04 in Q1 62 new clients added in Q1
7095 employees joined the company in Q1
Dividend of Rs 3 per share announced
Tata Consultancy Services Ltd. retained its position as India’s leading exporter of software and related services in rankings announced by the main industry association.
The country’s software and services exports, excluding back-office outsourcing revenue, rose to $17.3 billion in 2005/06 from $13.1 billion in the previous year.
Following are the rankings of the top 20 software exporters in the year to March 2006, compiled by the National Association of Software and Service Companies (NASSCOM).
1. Tata Consultancy Services Ltd.
2. Infosys Technologies Ltd.
3. Wipro Technologies Ltd.
4. Satyam Computer Services Ltd.
5. HCL Technologies Ltd.
Over the last five years, heavyweights in the Indian IT industry have spoken of big ticket acquisitions. But besides a few small and medium deals, nothing of consequence has come through so far.
The wait may, however, be over. Sources close to Tata Consultancy Services (TCS) told TOI that it was looking to buy a UK-based company, Vertex, in the range of $800 million-$1 billion. If the deal comes through, it could be the largest ever by an Indian business house.
Vertex is the outsourcing division of United Utilities, a company listed on both the London and New York stock exchanges
Prior TCS acquisitions
Nov 2001â€”CMC â€”Rs 157 crore
May 2003 Airline Financial Servicesâ€”undisclosed
March 2004â€”Aviation Software Development Consultancyâ€”Rs 140 million
May 2004â€”Phoenix Global Solutions â€”undisclosed
April 2005â€”Tata Infotechâ€”-equity swap
Oct 2005â€”Sydney-based Financial Network Servicesâ€”$26 million
Nov 2005â€”Chile-based Comicromâ€”$23 million
– A card that can be used to make international calls from more than 25 countries.
– A card that has 100% talk time at great tariffs.
Videsh Sanchar Nigam Limited, India’s premier Telecom and Internet Service Provider, today announced the launch of Tata Indicom “Global Calling Card” – a voice product catering to the communication requirements of Indian Overseas Travellers. This innovative product will allow Indians traveling abroad to make calls to India (or any other international destination) from any mobile, landline or pay phone at highly attractive rates.
How Cards Work
Using the Card