India fell one place to Philippines for business support functions (such as shared services and business process outsourcing) in the global ranking, after having challenged the top position for several years, revealed an IBM report. This is the first time that India is not in the leading position for these activities.
According to the report, the

The Financial Chronicle reported Tuesday that ONGC is mulling an increase of its stake in Pawan Hans Helicopters Limited (PHHL). The move will see the firm’s shareholding rise from 21.5% to 49%, by buying additional 27.5% for around Rs.96 Crore. With the deal, the Indian government’s stake will come down to 51% from its current

Cx Partners reported it had invested around Rs 188 crore in Thyrocare Technologies for the acquisition of a 30 per cent stake. Cx Partners, the private equity firm, will acquire the stake in the medical diagnostics firm, valuing Thyrocare Technologies Ltd at Rs 627 Crore. According to the firm, the funds to be accrued from

Reuters reported Monday that US-based iGate Corporation and private equity firm Apax Partners are close to buying 63 per cent stake in Patni Computers. The two firms will undertake the investment for an estimated $915 million. This values the company at around $1,452 million.
The Apax-iGate consortium has offered about 500 Indian rupees a share for

Leighton International Limited and Welspun Group announced they have entered into a joint venture to pursue infrastructure opportunities in the Indian and nearby regional markets, including Sri Lanka. Welspun Group through its closely held entity, Welspun Infra Projects Pvt Ltd., has agreed to acquire 35% strategic stake in Leighton Contractors (India) Pvt. Ltd., Leighton International’s

Jordanian firm Hikma Pharmaceuticals is to buy 30 per cent stake in Indian API manufacturer Unimark Remedies Ltd. Unimark Remedies Ltd is based in Mumbai, and the deal is pegged at about Rs 150 Crore. That subsequently places the value of the Indian firm at about Rs 500 Crore. Hikma is a branded generic company

Worthington Industries, Inc. Thursday announced that its Worthington Cylinders segment has entered into an agreement to acquire a 60 per cent interest in India’s Nitin Cylinders Limited. Nitin Cylinders Limited (NCL) is located in Visakhapatnam, India, and the move is expected to expand Worthington’s presence in the growing alternative fuels cylinder market.
NCL is a subsidiary

Rhodia announced it has signed a binding agreement to acquire PI Polymer, the engineering plastics business of the Indian company PI Industries Ltd. This transaction supports the Group’s ambition to increase its market share in the Indian polyamide compound market to more than 15% by 2015, said the firm in a press release.
François Hincker, President

Ashmore Alchemy reported it had invested $10 million in Bangalore-based Siesta Logistics Corporation Limited (SLCL) for a minority stake. Ashmore Alchemy is a Private Equity firm. The firm reiterated that the funds raised by Siesta Logistics will be used for expansion in both the domestic and international markets. Ashmore Alchemy is a joint venture between

LinguaNext announced Sunday the acquisition of Image Point Technologies. LinguaNext is a global application language enablement solutions provider. The move has enabled the firm to foray into India.  LinguaNext eyes an over Rs300 crore revenue in the next three years, a top company executive said. LinguaNext will offer local language solutions mainly in the e-governance,