The Cabinet Committee on Economic Affairs (CCEA) on Thursday, 3 October 2013, cleared Jet Airways' proposed sale of 24% equity to Abu Dhabi-based Etihad, days after the Rs 2058 crore deal got regulatory clearances. The proposal was of Etihad to subscribe 2.72 crore Jet Airways shares of Rs 10 each, amounting to 24% of post-issue paid-up equity share capital for Rs 2057.66 crore.
Oil India and Videocon Industries will be watched after the CCEA on Thursday, 3 October 2013, approved the proposal of the Ministry of Petroleum and Natural Gas to authorize ONGC Videsh (OVL) and Oil India (OIL) to acquire 20% Participating Interest (PI) in Rovuma Area 1 Offshore Block in Mozambique (Area 1). The transaction comprises acquisition of 100% of shares in Videocon Mozambique Rovuma 1, the company holding a 10% PI in Area 1, from Videocon Mauritius Energy, a subsidiary of Videocon Industries, jointly by OVL and OIL for $2,475 million. Closing is expected before 31st December 2013 and acquisition of another 10% PI in Area 1 from Anadarko Mozambique Area 1 Limitada, a subsidiary of Anadarko Petroleum Corporation solely by OVL for $ 2,640 million, with closing in February 2014.
Wipro announced the appointment of Senior Vice President Shaji Farooq as the global head of its Banking, Finance Services and Insurance (BFSI) strategic business unit. Shaji, who is currently leading the company's Advanced Technologies Service Line and Go-To-Market transformation initiatives, will take over from Senior Vice President Soumitro Ghosh, who will now head Wipro Infotech, the India and Middle East business.
G K Prasanna, will take charge as the Senior Vice President & Global Head for Global Infrastructure Services (GIS) in addition to his current role as SVP & Global Head for Product Engineering Solutions (PES).
Jeffrey (Jeff) Heenan Jalil, who has held several leadership roles including Head of Sales for Manufacturing in Europe, Chief Sales & Operations Head for Europe, and most recently, Vice President and Global Head for Telecom Equipment Vendor and Media Verticals will assume the position of Vice President & Global Head of Advanced Technologies.
Commenting on the organizational re-alignment, T K Kurien, CEO & Executive Director, Wipro said, "Our strategy of driving a significantly higher degree of customer engagement and hyper growth has been paying dividends. In order to sustain this momentum, our leadership team has spent considerable time reviewing market opportunities, and sharply defining the focus areas that would fuel our growth ambition. The exercise reaffirmed our conviction in our chosen strategy. We are committed to better aligning our internal organization with our clients' needs and to make investments in driving predictability and automation in our delivery."
Shaji, Soumitro, G K Prasanna and Jeff will report into Chief Executive Officer and Executive Director, T.K. Kurien, Wipro Ltd. These appointments will be effective Jan 1, 2014.
Shares of PSU banks, two-wheeler makers and consumer durables makers will in be focus after the finance ministry on Thursday, 3 October 2013, said that the government will provide additional amount of capital to state-run banks (PSU banks) to enable them to lend to borrowers in selected sectors such as two wheelers, consumer durables etc, at lower rates in order to stimulate demand. While this will bring relief to the consumers, especially the middle class, it is also expected to give a boost to capacity addition, employment and production, the finance ministry said in a statement. This decision is based on the discussions between Dr. Raghuram Rajan, Governor, Reserve Bank of India (RBI) and the Union Finance Minister, Mr. P. Chidambaram. At the end of September 2013, growth of gross bank credit stood at about 18%, year-on-year. However, credit growth is sluggish in some sectors leading to the conclusion that demand in these sectors remains subdued, the finance ministry said. It may be recalled that in the Union Budget for 2013-14, a sum of Rs 14000 crore was provided for capital infusion in PSU banks. This amount will be enhanced sufficiently, the finance ministry said.
NHPC is proposing to raise Rs 1000 crore through public issue of tax-free bonds. The company said its board has approved the draft prospectus for filing with regulatory authorities.
US-based private equity firm TPG is reportedly in talks with the promoter and other large shareholders of India's largest gold loan company, Manappuram Finance, for buying a minority stake.
Zee Media Corporation said its board has approved acquisition of upto 100% equity stake in Maurya TV, an entity engaged in the business of broadcasting of a regional news and current affairs television channel 'Maurya TV' in the state of Bihar and Jharkhand.
Powered by Capital Market - Live News
