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May 31: Highlights in Pictures

  • May 31: Highlights in Pictures

    May 31: Highlights in Pictures

  • <p>A man walks past a logo of RCom before the Annual General Meeting in Mumbai</p><p><b>RCom, India&#39;s second-biggest mobile carrier, said on Tuesday several firms had offered to buy out its controlling stake in its tower arm.</b></p><p>Debt-laden telecom firm RCom on Tuesday said it had received several offers for its 95-percent stake in its tower arm, a move seen as aimed at soothing investors a day after it reported a plunge in profit.</p><p>India&#39;s second-largest mobile carrier, controlled by billionaire Anil Ambani, did not name the bidders, but said the board had approved taking the process to the next stage of due diligence. It said it aimed to complete a deal at the earliest.</p><p>Saddled with more than $7 billion in net debt and seven straight quarters of profit declines, the firm has so far been unsuccessful in its efforts to raise funds to cut debt.</p>

    A man walks past a logo of RCom before the Annual General Meeting in Mumbai

    RCom, India's second-biggest mobile carrier, said on Tuesday several firms had offered to buy out its controlling stake in its tower arm.

    Debt-laden telecom firm RCom on Tuesday said it had received several offers for its 95-percent stake in its tower arm, a move seen as aimed at soothing investors a day after it reported a plunge in profit.

    India's second-largest mobile carrier, controlled by billionaire Anil Ambani, did not name the bidders, but said the board had approved taking the process to the next stage of due diligence. It said it aimed to complete a deal at the earliest.

    Saddled with more than $7 billion in net debt and seven straight quarters of profit declines, the firm has so far been unsuccessful in its efforts to raise funds to cut debt.

  • <p>Indian engineers attend to calls from abroad inside a call center in Gurgaon on the outskirts of New Delhi</p><p><b>Britain&#39;s Serco is to buy Indian outsourcing company Intelenet for up to 385 million pounds ($634 million) as part of a drive into higher-growth overseas markets.</b></p><p>London-based outsourcer Serco, which wants to bolster its international businesses after recent strong growth, said the deal would provide access to markets that are forecast to grow by around 15% per year in the medium term.</p><p>"The international BPO (business process outsourcing) market is growing quickly as companies seek out new ways to improve their service and reduce costs," Chief Executive Chris Hyman said in a statement on Tuesday.</p>

    Indian engineers attend to calls from abroad inside a call center in Gurgaon on the outskirts of New Delhi

    Britain's Serco is to buy Indian outsourcing company Intelenet for up to 385 million pounds ($634 million) as part of a drive into higher-growth overseas markets.

    London-based outsourcer Serco, which wants to bolster its international businesses after recent strong growth, said the deal would provide access to markets that are forecast to grow by around 15% per year in the medium term.

    "The international BPO (business process outsourcing) market is growing quickly as companies seek out new ways to improve their service and reduce costs," Chief Executive Chris Hyman said in a statement on Tuesday.

  • <p>A bank employee counts bundles of Indian currency at a cash counter in Agartala, capital of Tripura</p><p><b>India&#39;s fiscal deficit for the 2010-11 fiscal year that ended on March 31 was 3.69 lakh crore, the government said in a statement on Tuesday.</b></p><p>The deficit is equivalent to 4.7% of India&#39;s gross domestic product, according to a Reuters calculation, and was lower than the government&#39;s revised target of 5.1%.</p><p>In February, the government had revised its fiscal deficit estimate for the year to 4.01 lakh crore.</p><p>Tax receipts were 5.73 lakh crore and total expenditure was 11.99 lakh crore for 2010-11.</p>

    A bank employee counts bundles of Indian currency at a cash counter in Agartala, capital of Tripura

    India's fiscal deficit for the 2010-11 fiscal year that ended on March 31 was 3.69 lakh crore, the government said in a statement on Tuesday.

    The deficit is equivalent to 4.7% of India's gross domestic product, according to a Reuters calculation, and was lower than the government's revised target of 5.1%.

    In February, the government had revised its fiscal deficit estimate for the year to 4.01 lakh crore.

    Tax receipts were 5.73 lakh crore and total expenditure was 11.99 lakh crore for 2010-11.

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