| he deal is the largest overseas buy in the IT space | ||||||||||||||||||||||||||||||||||||||||
| Wipro Ltd, the country’s third largest software exporter, today achieved the distinction of making the largest overseas acquisition in the information technology (IT) space when it announced the acquisition of US-based, Nasdaq-listed outsourcing firm Infocrossing for approximately $600 million (around Rs 2,430 crore) in an all-cash deal. | ||||||||||||||||||||||||||||||||||||||||
The acquisition will be conducted through a tender for all the outstanding shares of Infocrossing, followed by a merger of Infocrossing with a Wipro subsidiary. Institutional members have a majority holding (close to 10 per cent) in the company.
| ||||||||||||||||||||||||||||||||||||||||
| Wipro is making an open offer at $18.70 per share, which — if fully subscribed — will cost close to $600 million. Wipro currently has cash reserves of $750 million and expects to close this acquisition by December 2007. Read more in Business Standard | ||||||||||||||||||||||||||||||||||||||||
Showing posts with label IT. Show all posts
Showing posts with label IT. Show all posts
Tuesday, August 07, 2007
Wipro buys US firm for $600 mn
Friday, July 27, 2007
RBI's hands-off strategy irks IT industry
India's IT industry, the flag bearer of a resurgent economy, wants the government to step in and check the rupee's unprecedented rise to nine-year highs in an effort to protect their earnings.
The rupee has gained almost 10 per cent this year and 14 per cent over the past 12 months against the dollar, denting the earnings of an industry that gets two-thirds of its 50 billion dollars in annual revenue from the US.
"It's not a market driven by market forces alone," said Kiran Karnik, president of the National Association of Software and Services Companies (NASSCOM), in an interview here. "These are not normal times."
Read more in The Economic Times
Friday, April 27, 2007
IT majors sit on growing cash mountain
| The top five Indian IT firms have piled up net cash in excess of Rs 20,000cr. |
| Riding high on a booming economy and growing outsourcing opportunities, the top five Indian information technology players – Tata Consultancy Services, Infosys Technologies, Wipro, Satyam Computer Services and HCL Technologies – have piled up net cash in excess of Rs 20,000 crore. |
| The net cash figure jumped 31 per cent to Rs 21,148.42 crore in 2006-07 from Rs 16,151.36 crore in the previous year. Analysts estimate the figure to increase by 60 per cent in the current financial year. |
| The logic lies in the revenue and net profit numbers of these companies. For instance, the total turnover of the five companies for the 2006-07 financial year stands at Rs 57,397 crore — a jump of nearly 40 per cent over last fiscal’s number of Rs 41,033 crore. Read more at Business Standard |
Thursday, March 22, 2007
Mastek to hire 5,000 IT professionals
IT company Mastek will hire 5,000 professionals for a new campus at Mahindra Industrial Park in Chennai.
In the first phase, which is expected to be completed in the next one year, the company will recruit 1,100 professionals, it said in a release on Thursday.
The company also said it is building a centre of excellence at the recently launched Chennai facility to acquire competencies in mainframe technology, mainly in the insurance vertical.The recruitments for this unit are under process, Mastek added.
Mainframe technology provides massive storage capacity and improves data security and flexibility in the client/sever design.
Govt expects Rs 24,000cr inflow in chip making
The government expects to attract an investment of around $6-10 billion (approx. Rs 24,000-44,000 crore) by luring two-three fabrication units with at an investment of $2-3 billion each by 2010 now that it has notified (given formal consent) to the semiconductor policy it had announced on February 22 this year.
Union Minister for IT and Communications Dayanidhi Maran told reporters here: "An appraisal committee to be headed by Additional Secretary in the Department of IT will be formed very soon. The committee will receive expression of interest from interested parties and will submit its recommendations to the government." He said he would reopen negotiations with Intel and other companies to explore possibilities of them setting up units in the country.
An Intel spokesperson had then said: "Once the comprehensive policy document is circulated, we will evaluate and respond."
Read more at Business Standard
Saturday, March 17, 2007
Satyam eyes 10 deal; each over $50 mn
NEW DELHI: In a reflection of Indian IT services companies gaining appetite for larger deals, the country’s fourth largest software exporter Satyam Computer Services is pursuing 10 large contracts of over $50 million each. “These are large deals and have a 9-12 month gestation period,” a source said.
The company had clinched four large deals of over $100 million last year. Satyam had won a contract from the North American division of Nissan Motor to maintain, support and enhance the application software portfolio. The services to be provided by Satyam covered business functions such as product development, sales and marketing across multiple manufacturing units and locations.
Reat more at Economic Times
Subscribe to:
Posts (Atom)