June 08: Infy acquires Gen-i
June 08: Infy acquires Gen-i
The sign at Avaya Inc. offices and lab in Westminster, Colorado is seen
Private equity-backed Avaya Inc, a telecon equipment maker, is about to file for an initial public offering that could raise about $1 billion, a source familiar with the situation told Reuters on Tuesday.
Avaya was taken private by Silver Lake Partners and TPG in 2007 for just over $8 billion. Its IPO filing, which would be the latest in a rash of IPOs and filings by technology sector companies, could come in the next week, the source said.
Goldman Sachs Group Inc, Morgan Stanley, JP Morgan Chase & Co, Citigroup Inc, Barclays Capital and Credit Suisse Group are all expected to be listed as underwriters on the offering, the source said.
The source declined to be named because the information is not public. The source cautioned that the details of the planned filing are under discussion and could change.
A Citibank sign on a bank branch in midtown Manhattan, New York
Citigroup has agreed to sell a portfolio of private equity assets to Axa Private Equity for $1.7 billion, the French insurer said on Wednesday.
The portfolio comprises 207 stakes in various buyout funds as well as some direct stakes in companies, Axa said, adding that Citi, which has been looking to focus on its core businesses, was financing the purchase.
Workers secure a Ford sign onto a truck after it was removed from Al Long Ford auto dealership in Warren, MichiganFord Motor Co is aiming to expand its presence in the fast-growing auto markets of India and China with an eye toward increasing the number of vehicles it sells per year by 50% by the middle of the decade.
Ford also said on Tuesday that it would cut its debt by 15.7% to about $14 billion by the end of June, bringing it to less than half the $33.6 billion it was carrying in 2009. The company wants to regain an investment-grade debt rating, which it sees as necessary to resuming paying a dividend, but it does not expect to reinstate its dividend before next year.
Chief Financial Officer Lewis Booth told investors at a meeting in New York City that Ford planned to cut its overall debt to about $10 billion by the middle of the decade.
"We believe we will achieve and maintain an investment-grade rating through the business cycle," Booth said.
An employee sorts Indian currency notes at a cash counter inside a bank in Agartala
India faces a difficult task to achieve revenue collections because of slowing growth, senior officials said on Wednesday, indicating the government may come under increasing pressure to meet its fiscal deficit target.
The government had projected Rs 3.98 lakh crore ($89.2 billion) from indirect taxes and Rs 5.33 lakh crore from direct taxes in the budget for the fiscal year ending next March.
With most economic indicators showing signs of slowdown, the government is worried revenues may fall short of expectations.
Growth in January to March was the slowest in five quarters and many economists have pared their forecast as rising interest rates to battle high inflation begin to bite.
SD Majumder, chairman of the Central Board of Excise and Customs, told a conference of senior officials it would be difficult to achieve the indirect tax target for FY12.
Jaguar Land Rover Freelander 2 vehicles are displayed on the production line for the media at their newly-inaugurated production plant in Pune
India's largest truck and bus maker, Tata Motors, plans to raise up to $500 million overseas through external commercial borrowings over the next two months, two sources with the knowledge of the deal told Reuters.
The company, which also makes cars from Jaguar and Land Rover to the Nano, is in talks with bankers for arranging the issue, the sources said.
A labourer cleans a Bharti Airtel advertisement billboard installed on a truck in Kolkata
India's top cellular carrier, Bharti Airtel, which last year bought mobile phone operations in 15 African countries, is on target to generate $5 billion in revenue from the continent and reach 100 million subscribers there by the end of March 2013, a top executive said.
Bharti paid $9 billion for most of Kuwait-based Zain's African cellular operations, which generated about $2.9 billion in revenues in the year that ended March 31 and had 44.2 million subscribers. The loss-making operations have been a drag on Bharti's consolidated earnings.
"Let me assure you the objective I have stated...100 million subscribers, $5 billion in revenue, $2 billion in EBITDA, we are definitely moving towards that steadily," Manoj Kohli, Bharti Airtel's chief executive for international operations, told Reuters in an interview.
"We are confident we'll achieve it,"
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