India's Hindalco to acquire Novelis for $6 Billion in cash

Following the transaction, Hindalco, with Novelis, will be the world's largest aluminum
rolling company, one of the biggest producers of primary aluminum in Asia, and India's
leading copper producer.
Hindalco Industries Limited, India's largest non-ferrous metals company, and

Novelis Inc., the world's leading producer of aluminum rolled products, today announced that
they have entered into a definitive agreement for Hindalco to acquire Novelis in an all-cash
transaction which values Novelis at approximately $6.0 billion, including approximately
$2.4 billion of debt. Under the terms of the agreement, Novelis shareholders will receive
$44.93 in cash for each outstanding common share.
Based in Mumbai, India, Hindalco is a leader in Asia's aluminum and copper industries, and
is the flagship company of the Aditya Birla Group, a $12 billion multinational conglomerate,
with a market capitalization in excess of $20 billion. Following the transaction, Hindalco,
with Novelis, will be the world's largest aluminum rolling company, one of the biggest
producers of primary aluminum in Asia, and India's leading copper producer.
Mr. Kumar Mangalam Birla, Chairman of the Aditya Birla Group, said, "The acquisition
of Novelis is a landmark transaction for Hindalco and our Group. It is in line with our longterm strategies of expanding our global presence across our various businesses and is
consistent with our vision of taking India to the world. The combination of Hindalco and
Novelis will establish a global integrated aluminum producer with low-cost alumina and
aluminum production facilities combined with high-end aluminum rolled product
capabilities. The complementary expertise of both these companies will create and provide a
strong platform for sustainable growth and ongoing success."
Acting Chief Executive Officer of Novelis, Mr. Ed Blechschmidt, said, "After careful
consideration, the Board has unanimously agreed that this transaction with Hindalco
delivers outstanding value to Novelis shareholders. Hindalco is a strong, dynamic company.
The combination of Novelis' world-class rolling assets with Hindalco's growing primary
aluminum operations and its downstream fabricating assets in the rapidly growing Asian
market is an exciting prospect. Hindalco's parent, the Aditya Birla Group, is one of the
largest and most respected business groups in India, with growing global activities and a
long-term business view."
Mr. Debu Bhattacharya, Managing Director of Hindalco and Director of Aditya Birla
Management Corporation Ltd., said, "There are significant geographical market and product
synergies. Novelis is the global leader in aluminum rolled products and aluminum can
recycling, with a global market share of about 19%. Hindalco has a 60% share in the
currently small but potentially high-growth Indian market for rolled products. Hindalco's
position as one of the lowest cost producers of primary aluminum in the world is
leverageable into becoming a globally strong player. The Novelis acquisition will give us
immediate scale and a global footprint."

The transaction has been unanimously approved by the Boards of Directors of both
companies. The closing of the transaction is not conditional on Hindalco obtaining financing.
The transaction will be completed by way of a plan of arrangement under applicable
Canadian Law. It will require the approval of 66 2/3% of the votes cast by shareholders of
Novelis Inc. at a special meeting to be called to consider the arrangement followed by Court
approval. The transaction is also subject to certain other customary conditions, including the
receipt of regulatory approvals. The transaction is expected to be completed in the second
quarter of 2007.

The Indian Public School (TIPS) Acquires South Hill Academy of US

Tamil Nadu-based The Indian Public School (TIPS), which currently operates a chain of
International Baccalaureate schools in India with over 5000 students, has acquired South
Hill Academy, Los Angeles, USA for USD 10 million as a part of its strategy to create a truly
global network of international schools.
Chennai, Tamil Nadu, August 1, 2012 /India PRwire/ -- TIPS has floated a 100% owned
subsidiary in the US to own and operate TIPS South Hill Academy. Founded in 1957, South
Hills Academy is one of the prestigious educational institutions in the US. It's pursuit of
academic excellence and well-rounded character education has shaped lives of several
thousand students who are leading illustrious lives in their chosen profession. South Hills
Academy's alumni include global entrepreneurs, scientists, academicians, Hollywood
producers, musicians, sports stars, media personalities, etc.
Commenting about its US acquisition Mr. Ashok Kumar, Chairman, TIPS said, "Our
mission is to nurture inquiring, knowledgeable and caring young people who are engaged
citizens of the World. We feel that it is not possible to provide a truly global exposure to the
students unless you have a truly international presence. Partnering with foreign schools for
student exchange programs or relying on virtual exchanges have its limitations and will not
equal the real world interactions students can get through your own infrastructure. For
instance, with our direct US presence, we can achieve seamless integration of delivery of
courses. Students of our Indian campuses can opt for continuing their studies in the US for
two or three months of an academic year to get US exposure, without losing continuity in
education. We also run structured student and faculty exchange programs aimed at
contextualizing the meaning and relevance of their knowledge accumulated on a global
platform"
Mr. Kumar added that the core academic program that is followed in TIPS is a global
program, what TIPS students learn in Coimbatore, Karur or Kochi is exactly the same as

what students learn at TIPS South Hill Academy in US. Being a part of the international
network, faculty members too get an opportunity to interact with their peers in other
campuses, as they are involved in lesson planning, content creation and delivery of courses.
This ensures any child in any country in any city in our school network is globally
competitive.
Mr. Gilbert James, Executive Director, said that the parents of the US school see the
takeover of their school by an international network from an emerging economy like India as
a good opportunity for their children to gain valuable international exposure and understand
global realities. India is recognized as a knowledge leader and is respected for its values and
skills.
Mr. James added that currently TIPS has 10 campuses and will create 20 more campuses in
India and 10 campuses abroad in the next five years. Campuses in China, Malaysia, Qatar and
select cities of India are in different stages of planning and execution. The capital outlay for a
state-of-the-art TIPS campus averages around Rs.30 crore without including the cost of real
estate. TIPS has projected an investment of Rs.300 crore for its expansion plans in the next 3
years to be funded through debt and equity.
Telit Announces Mini PCI Express Card Based On Intel Technology With Wireless
Machine-To-Machine (M2M) Capabilities

Telit Wireless Solutions (AIM: TCM), a leading global provider of high-quality machine-tomachine (M2M) modules and value-added services, today introduced a Mini PCI Express
card with an embedded M2M module designed for industrial applications. Telit's HE910based Mini-PCIe adapter card enables secure 3G cellular data, voice, and video
communication for embedded PCs in a variety of commercial and industrial applications,
including ATMs, kiosks, digital signage, surveillance, fleet management, and other
applications benefitting from always-on wireless data connection, monitoring, and control.
New Delhi, Delhi, August 1, 2012 /India PRwire/ -- Telit Wireless Solutions (AIM: TCM), a
leading global provider of high-quality machine-to-machine (M2M) modules and valueadded services, today introduced a Mini PCI Express card with an embedded M2M module
designed for industrial applications.
Telit's HE910-based Mini-PCIe adapter card enables secure 3G cellular data, voice, and video
communication for embedded PCs in a variety of commercial and industrial applications,
including ATMs, kiosks, digital signage, surveillance, fleet management, and other
applications benefitting from always-on wireless data connection, monitoring, and control.
The "plug-and-play" Mini PCI Express card slot and 52-pin card edge connector allows
application developers to easily integrate M2M capabilities into their solutions.
"Cellular Mini PCI Express cards have previously been a niche market but we expect it to
grow significantly with the increase of M2M applications and the need for both high-

performance motherboards and cellular connectivity for remote, off-site solutions," said
Dominikus Hierl, chief marketing officer at Telit Wireless Solutions.
Designed for M2M applications requiring high bandwidth and worldwide coverage, the
HE910 with Mini PCIe Adapter combines premium radio access technology UMTS/HSPA+
with backward compatibility to GSM, GPRS and EDGE networks. It includes HSDPA 21.0
Mbps (Cat 14), HSUPA 5.7 Mbps (Cat 6), embedded TCP/IP protocol stack and custom Telit
AT commands. Support for USB and RIL drivers for Windows and Linux environments is
available. Customers can also choose to add integrated high sensitivity A-GPS functionality.
"Telit's high quality products and worldwide support competence in the fast growing M2M
market, makes them an important member in the Intel Intelligent System Alliance, one of the
world's most recognized and trusted technology ecosystems," said Helmut Vogler, vice
president and general manager of Mobile and Wireless Sales for Intel Corporation.
Since 2012, Telit has been part of an elite group of associate members in the Intel Intelligent
Systems Alliance, a worldwide technology program providing hardware, software, firmware,
tools and systems integration for embedded systems based on Intel technology. The Intel
Intelligent Systems Alliance also offers joint sales and marketing opportunities.
The Telit HE910 with Mini PCIe Adapter is available now. The product is scheduled to ship
in large volumes by September 2012. The product is available through the global sales offices
of Telit.
Notes to Editor
About Telit
Telit Wireless Solutions is a brand of Telit Communications PLC (AIM: TCM), an enabler of
machine-to-machine (M2M) communications worldwide providing wireless module
technology and value-added services, including connectivity. Exclusively dedicated to M2M
with more than 12 years of experience in the market, the company constantly enhances its
technology leadership with six R&D centers across the globe. Telit offers an extensive
portfolio of the highest quality cellular, short-range RF, and GNSS modules, available in over
80 countries. By supplying scalable products that are interchangeable across families,
technologies and generations, Telit is able to keep development costs low and protect
customers' design investments. In addition, Telit is the only module provider in the market
today to offer a value-added services bundle including connectivity dedicated to simplifying
the deployment of M2M applications. Further information on these services can be found at
www.m2mAIR.com.
Telit provides unmatched customer support and premier design-in expertise through its 27
sales and support offices, a global distributor network of wireless experts with more than 30
Telit-designated Competence Centers, and its online Telit Technical Support Forum.

Telit technology enables organizations to wirelessly collect, process and respond to real-time
data from vending machines, utility meters, cars, remote health monitors and any other
connected devices, creating new efficiencies and revenue opportunities as well as societal and
personal benefits. Further information about Telit and its products can be found at
www.telit.com. Join the conversation and learn more about Telit and its customers' innovative
applications on Facebook and Twitter.
Copyright 2012 Telit Communication PLC. All rights reserved. Telit, Telit Wireless
Solutions, Telit Communication PLC, telit.com, telit2market, Telit Technical Forum,
m2mAIR, m2mAIR.com and all associated logos are trademarks of Telit Communications
PLC in the United States and other countries. Other names used herein may be trademarks of
their respective owners.

Philips to merge three companies in India

Our Bureau / Bangalore September 8, 2004
The boards of Philips India Limited, Philips Medical Systems (India) Private Limited and
Philips Software Centre Private Limited have approved the merger of these three companies
into a single legal entity, to be known as Philips Electronics India Limited.
The combined entity will have a turnover of Rs 2,000 crore with a total manpower of nearly
4,500. The new company will be headed by K Ramachandran who is currently the head of
Philips India.
The merger and change of name will take effect after consents and approvals from the
shareholders and the high courts concerned are received.
This is expected to conclude in March 2005 and will have an 'appointed date' of 1 April,
2004. The merger scheme envisages a share swap ratio of one share of Philips Software for
every two shares of Philips India and 78 shares of Philips Medical Systems for each Philips
India share.
According to Bob Hoekstra, CEO, Philips Software Centre, This merger will allow us to
present a unified face of the brand to our stakeholders, and simplify the legal structure and
enable seamless treasury operations.
Hoekstra clarified that business operations would not change as a consequence of the merger.
Internally it will simplify and rationalise Philips operations in India and the synergies of
collaborative and collective leadership which has been in place for a number of years will
only strengthen with the focus on One Philips, said Hoekstra.
According to a statement from Philips, the merger reaffirms the growing importance Royal
Philips Electronics attaches to India and its commitment to making things easier and simpler

for all stakeholders.

Hoekstra said, A few years back, we had eight Philips entities in India and in 2003, we
became three. We now move towards the consolidation of these three remaining entities into
one. This is a global initiative towards creating one Philips family, the world over. It is
Philips' policy to simplify its legal structure in every country.
He added, The benefits are predominantly in the elimination of duplication that three legal
entities require, and in seamless financial operations. It is not intended to achieve synergies in
business operations.
Philips India Limited currently has a turnover of Rs 1,600 crore and is into lighting,
consumer electronics, semiconductors, domestic appliances and personal care, while Philips
Software last year exported software worth Rs 192 crore.
Nearly 20 per cent of Philips global software requirements are met by its Bangalore centre
which employs 1,200 professionals.
Philips Medical Systems offers products for X-ray, ultrasound, magnetic resonance,
computed tomography, nuclear medicine, PET, radiation oncology systems, patient
monitoring, information management and resuscitation products, as well as a range of other
services and reported a topline of Rs 130 crore.

Scrip Code

Name of the Company

Reasons

504377
A.T.E. trading & Manufacturing Co. Ltd.
Motex Engineering Co. Pvt. Ltd.

Amalgamation with

516076
Ador Technopack Ltd
Company Pvt. Ltd.

Amalgamation with J.B. Advani &

531561
Ltd.

Akash Housing Ltd.

Amalgamation with Vijay Shanthi Builders

524596

Alcheme Organics Ltd.

Amalgamation with Aarti Industries Ltd.

524538
Allied Resins & Chemicals Limited
Organics Limited (an unlisted Company)
500006
Alpha Drug India Ltd.
Crop Protection Ltd.

Amalgamation with ARCL

Amalgamation with Punjab Chemicals &

532201
Ambuja Cement Eastern Ltd.
Cement Ltd.

Amalgamation with Gujarat Ambuja

500122
Ambuja Cement Rajasthan Ltd. Amalgamation with Gujarat Ambuja
Cement Ltd.
511587
Ambuja Shipyard & Software Ltd.
Appliances Ltd.

Amalgamation with Galaxy

531534
American Remedies Ltd. Amalgamation with Dr. Reddy's
Laboratories Ltd.
521103
Amrapali Developers (India) Limited
Industries Limited

Amalgamation with Amrapali

500061
Andhra Valley Power Supply Co. Ltd.
Power Co. Ltd.

Amalgamation with Tata

519510

Anmol Dairy Ltd.

Amalgamation with Dairy Den Ltd.

513188
Annapurna Foils Ltd.
Company Ltd.

Amalgamation with Indian Aluminium

503749

APR Ltd.

Amalgamation with Ballarpur Industries Ltd.

523094
Limited

Aristocrat Luggage Limited

507270
Arlem Breweries Ltd.
Breweries Ltd.

Amalgamation with VIP Industries

Amalgamation with Aurangabad

514193
Private Ltd

Arrow Webtex Ltd Amalgamation with Creole Holdings Company

500018

Arvind Polycot Limited

Amalgamation with Arvind Products Ltd.

532489

Arvind Products Limited

Amalgamation with Arvind Limited

532190

Aryan Pesticides Ltd.

Amalgamation with Deepak Nitrite Ltd.

532753
Ashim Investment Co. Ltd.
Assam Company Ltd.

Amalgamation with Bengal &

500062
Bank Ltd.

Ashok Leyland Finance Ltd. Amalgamation with IndusInd

500062
Ltd.

Ashok Leyland Finance Ltd.

500021

Asian Coffee Ltd.

Amalgamation with Consolidated Coffee Ltd.

532385

Aztecsoft Limited

Amalgamation with Mindtree Limited

Amalgamation with IndusInd Bank

507500
Bajaj Hindusthan Sugar & Industries Limited Amalgamation with
Bajaj Hindusthan Limited
500035
Balaji Distilleries Limited (BDL) Merger of the Brewery Division into
Chennai Breweries Pvt. Ltd. and merger of residual BDL (Distillery Division) with
United Spirits Limited.
531966

Bank of Madura Ltd.

Amalgamation with ICICI Bank Ltd.

500070

Bank of Punjab Ltd.

Amalgamation with Centurion Bank Ltd.

500019
Limited

Bank of Rajasthan Limited

502722
Banswara Textiles Mills Ltd.
Syntex Ltd.
530415

Bayer Cropscience Ltd.

Amalgamation with ICICI Bank

Amalgamation with Banswara

Amalgamation with Bayer (India) Ltd.

515035
Bell Ceramics Limited
Amalgamation with Orient Ceramics and
Industries Limited (new name Orient Bell Limited)

524750
Clays Ltd.

Bharat Starch Industries Ltd.

511479
Birla Century Finance Ltd.
Industries Ltd.
500064

Birla Global Finance Ltd

Amalgamation with English Indian

Amalgamation with Kesoram

Amalgamation with Aditya Birla Nuvo Ltd

505426
Birla Machining Toolings Ltd.
Technologies Ltd.

Amalgmation with Birla Percision

519226
Ltd.

Bishnauth Tea Ltd. Amalgamation with Eveready Industries India

500066

Blow Plast Ltd

Amalgamation with V.I.P Industries Ltd

524512
Bombay Drugs and Pharmas Ltd.
Arcolab Ltd.
509475
Limited

Bombay Paints Limited

Amalgamation with Strides

Amalgamation with Grauer & Weil (India)

500072
Bongaigaon Refinery & Petrochemicals Limited
with Indian Oil Corporation Limited
500384
Brabourne Enterprises Limited
Finance Limited

Amalgamation

Amalgamation with RPG Itochu

507782
Brite Automotive and Plastics Ltd.
Brothers Ltd.

Amalgamation with Bright

500076
Burroughs Wellcome (India) Ltd.
GlaxoSmithkline Pharmaceuticals Ltd.

Amalgamation with

523254
Casil Health Products Ltd.
Pharmaceuticals Pvt. Ltd.

Amalgamation with Genvista

507504
Ltd.

Cauvery Sugars and Chemicals Ltd.

530209
Ltd.

Ceejay Finance Ltd.

Amalgamation with Heritage Packaging

500099
Central India Polyesters Ltd
Petrochemicals Corporation Ltd

Amalgamation with Indian

532273
Centurion Bank of Punjab Limited
Bank Limited
507494

Amalgamation with EID Parry

Amalgamation with HDFC

Charminar Breweries Ltd. Amalgamation with Skol Breweries Ltd.

524140
Cheminor Drugs Ltd.
Laboratories Ltd.

Amalgamation with Dr. Reddy's

532969
Limited

CHI Investments Limited Amalgamation with RPG Itochu Finance

505684

Chicago Pneumatic Ltd.

532184

Ciba India Limited Amalgamation with BASF India Limited

500373

Clariant (India) Ltd.

531987

CLC Global Ltd.

502369
Mills Ltd.

Coastal Papers Ltd.

Amalgamation with Atlas Copco India Ltd.

Amalgamation with Colour - Chem Ltd.

Amalgamation with Spentex Industries Ltd.
Amalgamation with Andhra Pradesh Paper

524707
Cochin Refineries Balmer Lawrie Ltd.
Refineries Ltd.
532688
Compulink Systems Limited
Technoserve Limited

Amalgamation with Kochi

Amalgamation with Glodyne

511345

Consortium Finance Ltd. Amalgamation with Magma Leasing Ltd.

532207

Cynamid Agro Ltd. Amalgamation with BASF India Ltd.

524256
Daurala Organics Ltd.
Industries Ltd.
502817

Amalgamation with DCM Shriram

Dawn Mills Company Ltd Amalgamation with Peninsula Land Ltd.

512383
Delstar Commercial & Finance Ltd.
Investments Ltd.
524578
Dolphin Laboratories Limited
Pharmaceuticals Ltd.
500130
Limited

Elgi Finance Limited

Amalgamation with Vicky

Amalgamation with Intas

Amalgamation with Elgi Equipments

590023
Elgi Rubber Company Limited
International Limited

Amalgamation with Elgi Rubber

532615
ETC Networks Limited
Learning Systems Limited

Amalgamation with Zee Interactive

532958
ETC Networks Limited
Enterprises Limited

Amalgamation with Zee Entertainment

506156
ETC Networks Ltd. (old scrip code)
India Ltd. (Unlisted Company)

Amalgamation with Econnect

505705

FAL Industries Ltd Amalgamation with Forbes Gokak Ltd.

511744

FCGL Industries Ltd

Amalgamation with Gujarat NRE Coke Ltd.

524600
FCL Technologies & Products Ltd
Industries Ltd
524608
Limited

Fem Care Pharma Limited

506443
Ltd.

Ficom Organics Ltd

Amalgamation with Flex

Amalgamation with Dabur India

Amalgamation with Coromandel Fertilisers

524782
Fine Drugs and Chemicals Ltd.
Laboratories Ltd.

Amalgamation with Matrix

522167

Flex Engineering Ltd

Amalgamation with Flex Industries Ltd

500149

Floatglass India Ltd.

Amalgamation with Asahi India Glass Ltd.

500156

German Remedies Ltd.

Amalgamation with Cadila Healthcare Ltd.

509698

Gestetner (India) Ltd.

Amalgamation with Ricoh India Ltd.

503488

GIS Ltd.

Amalgamation with Gillanders Arbuthnot & Co. Ltd.

500161
Global trust Bank Ltd.
Commerce Ltd.

Amalgamation with Oriental Bank of

532472
Ltd.

Glofame Cotspin Industries Ltd. Amalgamation with Welspun India

509590

Graphite India Ltd. Amalgamation with Carbon Everflow Ltd.

532909
Limited

Grabal Alok Impex Limited

519371

Growmore Solvent Ltd.

Amalgamation with Kengold (India Ltd.)

531108
Gujarat Project & Profins Ltd.
Appliances Ltd.
507790

Gujarat Propack Ltd.

511026

Gulf Oil India Ltd.

Amalgamation with Alok Industries

Amalgamation with Galaxy

Amalgamation with Cosmo Films Ltd.

Amalgamation with IDL Industries Ltd.

524184
Gulshan Sugars & Chemicals Ltd.
Polyols Ltd.

Amalgamation with Gulshan

524082
Harleystreet Pharmaceuticals Limited Amalgamation with Makers
Laboratories Limited
507138

Haryana Breweries Ltd.

Amalgamation with Skol Breweries Ltd.

500397

Henkel SPIC India Ltd.

Amalgamation with Henkel India Ltd.

500181

Herbertsons Ltd

Amalgamation with McDowell & Company Ltd

506737
Ltd.

Hind Lever Chemicals Ltd.

Amalgamation with Tata Chemicals

502880
Hindoostan Spinning & Weaving Mills Limited
with Sirdar Carbonic Gas Limited

Amalgamation

500190
Hitech Drilling Services Ltd.
Chiles Offshore Ltd.

Amalgamation with Aban Loyd

522219
Hyderabad Flextech Limited
Industries Limited

Amalgamation with Keerthi

500015

I C I C I Ltd. Amalgamation with I C I C I Bank Ltd.

530115

IB Industries Ltd.

Amalgamation with N.R. International Ltd.

500198

IBP Company Ltd

Amalgamation with Indian Oil Corporation Ltd.

532235
IDBI Bank Ltd.
of India Ltd.

Amalgamation with Industrial Development Bank

505260

Indabrator Ltd.

Amalgamation with Nesco Ltd.

509684

India Foils Limited Amalgamation with Ess Dee Aluminium Limited

500203
India Polyfibres Ltd
Corporation Ltd

Amalgamation with Indian Petrochemicals

520079
India Steamship Company Ltd.
Fertilisers and Chemicals Ltd.

Amalgamation with Chambal

513235
Indian Charge Chrome Ltd
Ferro Alloys Ltd

Amalgamation with Indian Metals &

500105
Indian Petrochemicals Corporation Ltd.
Reliance Industries Ltd.
509706
Indian Resort Hotels Ltd
Company Ltd

Amalgamation with

Amalgamation with Indian Hotels

513385
Indian Seamless & Steels Ltd.
and Alloys Ltd.

Amalgamation with Jejuri Steels

523167
Indian Seamless Financial Services Ltd Amalgamation with Indian
Seamless Securities Ltd.
504754
Indian Seamless Metal Tubes Ltd.
Seamless Tubes Ltd.

Amalgamation with Kalyani

531362
Indian Seamless Metal Tubes Ltd.
Seamless Steels & Alloys Ltd.

Amalgamation with Indian

517318
Indo Asian Fusegear Ltd. Amalgamation with Indo Kopp Ltd.
(unlisted company)
526648

Indo Flogates Ltd. Amalgamation with IFGL Refractories Ltd.

500723
Indo Gulf Corporation Ltd.
Industries Ltd

Amalgamation with Hindalco

532492

Indo Gulf Fertilisers Ltd.

Amalgamation with Aditya Birla Nuvo Ltd.

532501

Indo Rama Textiles Ltd

Amalgamation with Spentex Industries Ltd

531941

Indus-e-Solutions Ltd.

Amalgamaiton with Megasoft Ltd.

507539
Lever Ltd.

International Best Foods Ltd.

517277

Intron Ltd.

500340

ITC Bhadrachalam Paperboards Ltd.

500216

ITC Hotels Ltd.

531839

J.J. Spectrum Silk Ltd.

Amalgamation with Hindustan

Amalgamation with Electrolux Kelvinator Ltd.

Amalgamation with ITC Ltd.

Amalgamation with ITC Ltd.

Amalgamation with J.J. Exporters Ltd.

512111
Jahanri trades and Finance Ltd. Amalgamation with Amrit
Petroleums Pvt. Ltd.
520071
Jai Parabolic Springs Limited
Industries Limited

Amalgamation with Jamna Auto

500888
Jai Prakash Industries Ltd.
Associates Ltd. (unlisted company)

Amalgamation with Jaiprakash

503861
Jaipur Polyspin Ltd.
Weaving Mills Ltd.

Amalgamation with Rajasthan Spinning &

500107
Jindal Iron & Steel Company Ltd.
Vijaynagar Steel Ltd.
524099
Jupiter Biotech Ltd.
Exports Ltd.
513244

Kanthal India Ltd.

Amalgamation with Jindal

Amalgamation with Gujarat Ambuja

Amalgamation with Sandvik Asia Ltd.

512305
Kaslow trades and Finance Ltd. Amalgamation with Sagar Silk
Industries Ltd.
511748
Soya Ltd.

Kasturi Finlease & Investment Ltd.

523075
KHSL Industries Ltd.
Finance Ltd.

Amalgamation with Ajanta

Amalgamation with Khaitan Overseas and

511467
Ltd.

Kinetic Capital Finance Ltd.

500242
Kirloskar Pneumatic Co. Ltd.
Compressors Ltd.

Amalgamation with Kinetic Fincap

Amalgamation with K.G. Khosla

500873
Kochi Refineries Ltd
Corporation Ltd

Amalgamation with Bharat Petroleum

532536

Amalgamation with Gujarat Glass Ltd.

Kojam Fininvest Ltd.

520061
Lakshmi Auto Components Ltd. Amalgamation with TVS Motor
Company Ltd.
500258

Lupin Laboratories Ltd.

Amalgamation with Lupin Chemicals Ltd.

507751
M. J. Pharmaceuticals Ltd.
Pharmaceuticals Industries Ltd.
507448

Amalgamation with Sun

Mac Agro Industries Ltd. Amalgamation with South India Corp. Ltd.

504824
Maharashtra Elektrosmelt Limited
Authority of India Limited
507874
Malabar Building Products Ltd.
Industries Ltd.

Amalgamation with Steel

Amalgamation with Hyderabad

509749
Mandovi Pellets Ltd.
Company Ltd. (Unlisted Company)

Amalgamation with Chowgule and

532512

Mawana Sugars Ltd.

Amalgamation with Siel Ltd.

511746

Mayar Finance Ltd. Amalgamation with Mayar India Ltd.

500273

McDowell and Co. Ltd.

Amalgamation with McDowell Spirits Ltd.

532108
Medicorp Technologies India Ltd.
Laboratories Ltd.

Amalgamation with Matrix

524683
Metrochem Industries Limited
Limited (new name Metroglobal Limited)

Amalgamation with Global Boards

530257
Midas Pharmasec Limited
Synergies Limited (an unlisted Company)

Amalgamation with Fervent Pharma

524368
Milestone Organic Limited
Chemicals Limited

Amalgamation with Bodal

521147
Millennium Beer Industries Limited
Breweries Limited.

Amalgamation with United

532724
Mounteverest trading & Investment Limited
Monnet Ispat Limited

Amalgamation with

504888
Nahar International Ltd.
Enterprises Ltd.

Amalgamation with Nahar Industrial

507492
Nahar Sugar & Allied Ltd. Amalgamation with Nahar Industrial
Enterprises Ltd.
524650
Narmada Chematur Petrochemicals Ltd.
Gujarat Narmada Valley Fertilizers Ltd.
532196

NCL Seccolar Ltd.

511264
Ltd.

Nedungadi Bank Ltd.

532860
Ltd.

Netflier Finco Ltd.

Amalgamation with Alltek Coating Products Ltd.

Amalgamation with Punjab National Bank

Amalgamation with Bengal & Assam Company

533010
Octav Investments Limited
Finance Limited
526895
Odissi Securities Ltd.
Technologies Ltd.
517210

Onida Savak Ltd.

Amalgamation with

Amalgamation with RPG Itochu

Amalgamation with Textilespace

Amalgamation with MIRC Electronics Ltd.

531167
Orient Information Technology Limited Amalgamation with IT People
(India) Limited
523497
Pampasar Distillery Ltd.
Distilleries Ltd.

Amalgamation with Maharashtra

512087
Limited

Parijat trading Limited

Amalgamation with Multilayer Films Pvt.

500677

Parke Davis India Ltd.

Amalgamation with Pfizer Ltd.

526602
Ltd

Patel On-Board Couriers Ltd

506758

Paushak Ltd.

Amalgamation with Patel Roadways

Amalgamation with Darshak Ltd.

531492
Pentasoft Technologies Limited Amalgamation with Pentamedia
Graphics Limited
506817

Pharmacia Healthcare Ltd.

Amalgamation with Pfizer Ltd.

515139

Philips Glass India Ltd.

520143

Pix Autos Ltd.

524798

Plama Laboratories Ltd.

Amalgamation with Strides Arcolab Ltd.

517053

Polar Fan Industries Ltd.

Amalgamation with Polar Industries Ltd.

Amalgamation with Philips India Ltd.

Amalgamation with Pix transmission Ltd.

524246
Pradeep Drug Company Ltd.
Pharmaceutical Industries Ltd.
504278
India

Amalgamation with Sun

Punjab Anand Lamp Industries Ltd.

Amalgamation with Philips

500345
Punjab Power Generation Machine Ltd.
Crompton Greeves Ltd.
500344
Limited

Punjab tractors Limited

Amalgamation with

Amalgamation with Mahindra & Mahindra

512263
Purva Engineers Ltd.
trading Co. Pvt. Ltd.

Amalgamation with Mughal Investment &

532237
Ltd.

Radico Khaitan Ltd.

Amalgamation with Abhishek Cements

532153

Rain Clacining Ltd. Amalgamation with Rain Commodities Ltd.

500352
Rajasthan Tools Ltd.
Castings Ltd.

Amalgamation with Stono Machines &

526815

Rajdoot Paints Ltd. Amalgamation with Berger Paints Ltd.

526395

Rajshri Forex Ltd.

532328
Limited

Rane Brake Linings Limited

Amalgamation with Rane Holdings

532490
Limited

Rane Engine Valves Limited

Amalgamation with Rane Holdings

Amalgamation with Rajshri Production Pvt. Ltd.

500362
Recron Synthetics Ltd
Corporation Ltd

Amalgamation with Indian Petrochemicals

532703
Ltd.

Reliance Capital Ventures Ltd

Amalgamation with Reliance Capital

532704
Ltd.

Reliance Energy Ventures Ltd

Amalgamation with Reliance Energy

532743
Reliance Petroleum Limited
Industries Limited
500364
Ltd.

Reliance Petroleum Ltd.

Amalgamation with Reliance

Amalgamation with Reliance Industries

530619
Religare Technova Global Solutions Limited
Religare Technova Limited
506747
Rhone-Poulence (India) Ltd.
Piramal India Ltd.

Amalgamation with

Amalgamation with Nicholas

519196

Rico Agroils Ltd.

Amalgamation with Rico Auto India Ltd.

517056
Limited

RPG Cables Limited

532279

RSL Industries Ltd. Amalgamation with Ramco Super Leathers Ltd.

532118

Sai Info Services Ltd.

Amalgamation with triton Corp Ltd.

517314

Salzer Controls Ltd.

Amalgamation with Salzer Electronics Ltd.

521111

Salzer Textiles Ltd. Amalgamation with Pioneer Embrodiaries Ltd.

Amalgamation with KEC International

533209
Samruddhi Cement Limited
Cement Limited

Amalgamation with Ultratech

532361
Shapre Global Info Services Ltd. Amalgamation with Net Axis
Software Services Ltd.
501379
Limited

Shaw Wallace & Co. Limited

511591

Shrachi Securities Ltd

Amalgamation with United Spirits

Amalgamation with Magma Leasing Ltd

531351
Shree Rajasthan Texchem Ltd
Rajasthan Syntex Ltd

Amalgamation with Shree

507468
Shree Vaani Sugars & Industries Limited
Karnataka Breweries & Distilleries Pvt. Limited

Amalgamation with

532655
Shri Ramrupai Balaji Steels Ltd Amalgamation with Jai Balaji
Industries Ltd.
511164
Shriram Investments Ltd. Amalgamation with Shriram transport
Finance Company Ltd.
530515
Shriram Overseas Finance Ltd
transport Finance Company Ltd
507348

Sica Breweries Ltd.

Amalgamation with Shriram

Amalgamation with Skol Breweries Ltd.

506559
Siemens Healthcare Diagnostics Limited
Siemens Limited
509711
Ltd.

Siemens VDO Automotive Ltd.

507777
Ltd.

Siltap Chemicals Ltd.

507352
Skol Breweries Ltd.
and trading Company Ltd.

Amalgamation with

Amalgamation with Siemens

Amalgamation with Supreme Industries

Amalgamation with Morkutir Investment

500647
Smithkline Beecham Pharmaceuticals India Ltd.
with Glaxo India Ltd.

Amalgamation

532956
Solectron EMS India Limited
Electronics Limited

Amalgamation with Centum

532447
Limited

Amalgamation with Abbott India

Solvay Pharma India Limited

532452
South Asian Petrochem Limited Amalgamation with Dhunseri Tea &
Industries Limited
530491
Ltd.

Southern Iron and Steel Company Ltd. Amalgamation with JSW Steel

531702

SPBL Ltd

524142

SPIC Organics Ltd. Amalgamation with Manali Petrochemicals Ltd.

532863
Limited

Spice Communications Limited Amalgamation with Idea Cellular

524364
Limited

SPL Polymers Limited

Amalgamation with Sangam (India) Ltd

Amalgamation with Supreme Petrochem

507452
Sree Kailash Sugars and Chemicals Ltd.
Kakatiya Cement Sugar and Industries Ltd.

Amalgamation with

514217
Sree Meenakshi Mills Ltd. Amalgamation with Gujarat Heavy
Chemicals Ltd.
524163
Sree Rayalseema Petrochemicals Ltd. Amalgamation with Sree
Rayalseema Hi-Strength Hypo Ltd.
532142
Sree Rayalseema Power Corporation Ltd.
Sree Rayalseema Hi-Strength Hypo Ltd.

Amalgamation with

507484
Ltd.

Sri Chakra Remedies Ltd. Amalgamation with Aurobindo Pharma

514350

Sstella Silks Ltd.

Amalgamation with Eastern Silk Industries Ltd.

504807
Summit Securities Limited
Finance Limited

Amalgamation with RPG Itochu

523273
Supreme Oriented Films Ltd.
Industries Ltd.

Amalgamation with Supreme

518111
Ltd.

Swastik Roofing Ltd.

511231

Tata Finance Ltd.

Amalgamation with Sahyadri Industries

Amalgamation with Tata Motors Ltd.

500409
Tata Hydro Electric Power Supply Co. Ltd.
Tata Power Co. Ltd.
504290
Ltd.

Tata Infotech Ltd.

Amalgamation with

Amalgamation with Tata Consultancy Services

505397
Techno Electric & Engg. Co. Limited
Wind Project Limited

Amalgamation with Super

532299
Television Eighteen India Limited (TV18)
Demerger of News
Business Undertaking of TV18 into ibn18 Broadcast Ltd. and Amalgamation of
Residual TV18 into Network18 Media and Investments Ltd.
522116
Works Ltd.

Textool Company Ltd.

Amalgamation with Lakshmi Machine

526580
The Champdany Industries Ltd
Industries Ltd

Amalgamation with AI Champdany

524125

Thirani Chemicals Ltd.

Amalgamation with Lime Chemicals Ltd.

532252

Times Bank Ltd

500416
Limited

Titagarh Steels Limited

Amalgamation with Titagarh Wagons

530155
Limited

Tonira Pharma Limited

Amalgamation with IPCA Laboratories

Amalgamation with HDFC Bank Ltd.

504096
Torrent Cables Limited
Biotech Limited

Amalgamation with Torrent Gujarat

500004

Torrent Power AEC Ltd

Amalgamation with Torrent Power Ltd

501736

Torrent Power SEC Ltd

Amalgamation with Torrent Power Ltd

530531
Ltd.

tristar Enterprises Ltd.

Amalgamation with Galaxy Appliances

520101

TVS Autolec Ltd.

500423

TVS Electronics Ltd.

Amalgamation with TVS eTechnology Ltd.

500424
(I) Ltd.

TVS-Suzuki Limited.

Amalgamation with Sundaram Auto Eng.

Amalgamation with Sundaram Fastners Ltd.

506840
Udaipur Phosphates & Fertilizers Ltd.
Dharmasi Morarji Chemicals Ltd.

Amalgamation with

500430
United Western Bank Ltd Amalgamation with Industrial
Development Bank of India Ltd

501371
Urvi Chemicals & Allied Industries Ltd. Amalgamation with Newone
trading Co. Pvt. Ltd.
517387

Usha Udyog Ltd.

Amalgamation with Usha Ispat Ltd.

506860
Chem Ltd.

Vanavil Dyes And Chemicals Ltd.

506899
Varinder Agro Chemicals Ltd.
Industries Ltd.
523634

Vashisti Detergents Ltd.

Amalgamation with Abhishek

Amalgamation with Hindustan Lever Ltd.

523640
Venky's (India) Ltd. (old scrip code)
Hatcheries Ltd.
502520
Ltd.

Amalgamation with Colour -

Amalgamation with Western

Vidarbha Paper Mills Ltd. Amalgamation with Sundaram Multi Pap

500947
Videocon International Ltd.
Industries Ltd.

Amalgamation with Videocon

509301

Vikrant Tyres Ltd.

Amalgamation with J.K.Industries Ltd.

532088
Company)

Viraj Forgings Ltd. Amalgamation with Viraj Alloys Ltd. (an unlisted

532214

VisualSoft Technologies Ltd

524508
Ltd.

Vorin Laboratories Ltd.

508238
India Ltd

Williamson Tea Assam Ltd

Amalgamation with Megasoft Ltd.

Amalgamation with Matrix Laboratories

Amalgamation with McLeod Russel

524286
Wockhardt Health Care Ltd.
Science Ltd.

Amalgamation with Wockhardt Life

524166
Ltd.

Amalgamation with Caynamid India

Wyeth Laboratories Limited.

524438
Zora Pharma Limited
Limited (an unlisted Company)

Amalgamation with Intas Pharmaceuticals

530283
Limited.

Amalgamation with Phoenix Township

Zuari Forex Limited

The Reliance BP deal

The much talked about Reliance BP deal finally came through in July 2011 after a 5 month
wait. Reliance Industries signed a 7.2 billion dollar deal with UK energy giant BP, with 30
percent stake in 21 oil and gas blocks operated in India. Although the Indian governments
approval on two oil blocks still remains pending, this still makes it one of the biggest FDI
deals to come through in India Inc in 2011-12-31.
Essar exits Vodafone

In March 2011, the Vodafone Group announced that it would buy 33 percent stake in its
Indian joint venture for about 5 billion dollars after the Essar Group sold its holding and
exited Vodafone. Healthcare giant Piramal Group too, bought about 5.5 percent in the Indian
arm of Vodafone for about 640 million dollars. This brings Vodafones current stake to about
75 percent.

The Fortis Healthcare merger

In September 2011, Indias second largest hospital chain, Fortis Healthcare (India) Ltd,
announced that it will merge with Fortis Healthcare International Pte Ltd., the promoters
privately held company. This will make Fortis Asias top healthcare provider with the
approximate total revenue pegged at Rs. 4,800 crore. Fortis India will buy the entire stake of
the Singapore based Fortis International. This company is currently held by the Delhi-based
Singh brothers (Malvinder Singh and Shivinder Singh).
iGate acquires majority stake in Patni Computers

In May 2011, IT firm iGate completed its acquisition of its midsized rival Patni Computers
for an estimated 1.2 billion dollars. For iGate, the main aim of this acquisition was to increase
its revenue, vertical capability and customer base. iGate now holds an approximate stake of
82.5 percent in Patni computers, now called iGate Patni.
GVK Power acquires Hancock Coal

In one of the biggest overseas acquisitions initiated by India in September 2011, Hyderabadbased GVK Power bought out Australias Hancock Coal for about 1.26 billion dollars. The
acquisition includes a majority of the coal resources, railway line and port infrastructure of
Hancock Coal, along with the option for long term coal supply contracts.
Essar Energys Stanlow Refinery Deal with Royal Dutch Shell

The Ruias flagship company for its oil business, Essar Energy completed its 350 million
dollar acquisition of the UK based Stanlow Refinery of Shell in August 2011. In addition to a
direct access to the UK market, Essar is planning to make optimum utilization of this deal
with its 100 day plan to improve operations at the UK unit.
Aditya Birla Group to acquire Columbian Chemicals

In June 2011, the Aditya Birla Group announced its completion of acquiring US based
Columbian Chemicals, a 100 year old carbon black maker company for an estimated 875
million dollars. This will make the Aditya Birla Group one of the largest carbon black maker
companies in the world, doubling its production capacity instantly.
Mahindra & Mahindra acquires Ssangyong

In March 2011, Mahindra acquired a 70 percent stake in ailing South Korean auto maker
Ssangyong Motor Company Limited (SYMC) at a total of 463 million dollars. This
acquisition will see the Korean companys flagship SUV models, the Rexton II and the
Korando C foray into the Indian market.
The Vedanta Cairn acquisition

December 2011 finally saw the completion of the much talked about Vedanta Cairn deal
that was in the pipeline for more than 16 months. Touted to be the biggest deal for Indian
energy sector, Vedanta acquired Cairn India for a neat 8.6 billion dollars. Although the Home
Ministry cleared the deal, it has highlighted areas of concern with 64 legal proceedings
against Vedanta.

Adani Enterprises takes over Abbot Point Coal

In June 2011, Adani acquired the Australian Abbot Point Port for 1.9 billion dollars. With this
deal, the revenues from port operations are expected to almost triple from 110 million
Australian dollars to 305 million Australian dollars in 2011. According to Adani, this was
amongst the largest port deals ever made.

GVK Power acquires

Hancock Coal
On August 26, ET had reported that GVK Power was close to acquiring two coal mines from
Hancock Coal for about $1.3 billion.
"While this builds a strong resource business for GVK, it will also significantly enhance the
value to GVKPIL shareholders as we will now be able to increase the capacity of our coal
power business with an assured in house supply of raw material," GVK Chairman GVK
Reddy said in a statement.
GVK will pay the consideration in a phased manner to the Hancock Group, with $500 million
upfront. About $200 million will be paid in one year from closing the deal and another $560
million on financial closure of the project, which is expected next year.
The Hancock coal project consists of 7.9 billion tonnes reserves.
The deal comes a year after Adani Enterprises bought Australia-based Linc Energy's coal
assets for about Rs 12,600 crore in the largest such transaction. In march this year, Lanco,
another Hyderabad-based infrastructure major, bought Australia's Griffin Coal for A$750
million.
GVK Power, a flagship of the GVK group, and its subsidiary GVK Energy, have been
aggressively trying to secure fuel supply agreements in an energy deficient market for their
proposed power plants India. The acquisition enables GVK Power to secure adequate fuel
supplies for its power ventures.
Hancock Group chairman Georgina Hope Rinehart, one of Australia's richest women, will
join the board of GVK Power as a non-executive director.

The Hyderabad-based infrastructure group said it has tied-up the funding for the acquisition
with banks and the financing documents for funding the acquisition are being executed with
the banks and the transaction is expected to close and assets transferred in about two weeks.
Ernst & Young acted as the financial advisor to GVK for the acquisition. Amarchand &
Mangaldas & Suresh A. Shroff & Co were the legal advisors, while Minter Ellison Lawyers
were Australian legal advisors to GVK.
GVK estimates a total investment of $10 billion in the first phase of developing the mines,
rail line and port. However, it did not disclose details on funding arrangements for this
investment.
The transaction was done by GVK Coal Developers (Singapore) Pte Limited (GVKCDPL), a
step down subsidiary of GVK Natural Resources. Initially, GVK Natural Resources will hold
90% and GVK Power will hold the remaining 10%. GVK Power has the option to increase its
stake up to 49%, subject to necessary approvals from the Foreign Investment Review Board
(Australia).
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GVK entities have agreed to acquire a shareholding up to 79% in Alpha Corner and Alpha
West Coal Projects, located in the Galilee Basin in Queensland, wherein the Hancock Group
will retain the remainder of the shareholding.
GVK firms would acquire a 100% shareholding in the Kevin's Corner Coal Project, located
immediately adjacent to Alpha. Further, the entities of GVK group will also acquire a 100%
shareholding in the rail and port project connecting the above coal projects to the port of
Abbot Point and Abbot Point T3 expansion project, whilst retaining some tonnage capacity
for the Hancock Group.
The infrastructure project involves the development, ownership and operation of an
integrated infrastructure development consisting of a 495 km rail line and a 60 million tonnes
per annum port at Abbot Point. At full production, the three coal projects are together
expected to supply about 84 million tonnes per annum to the global sea-borne coal market.
GVK said the first phase of production, expected to start in 2014, envisages a total production
of over 30 million tonnes per annum of high quality thermal coal. The coal mines will deliver
a very high quality thermal coal with a gross calorific value (as received) of about 5800-6000
kcal/kg and low ash and low sulphur content.
Most of the coal from the project is intended for delivery into the Asian region as letters of
intent for approximately 45 million tonnes per annum have already been signed or are in the

process of finalisation with major utility companies in China, Japan, Korea, Taiwan and
Vietnam.

Aditya Birla Group unifies global

carbon black business under one
umbrella
The Aditya Birla Group was among the earliest Indian groups to invest in a variety of
industries all across the world. Aditya Birla, the father of the current chairman Kumar
Mangalam, started a carbon black plant in Thailand in the early 1980s. Since then, the group
has expanded its presence with plants in other places such as India, Egypt, China and now
South America. Atlanta-based Columbian Chemicals was acquired by the group last year for
Rs 3,923 crore, helping it leapfrog Cabot Corporation of US and become the world's biggest
carbon black producer. These entities will continue to operate as separate legal entities, but
will report to the top management team in India and other places.
Kevin Boyle, the existing CEO of Columbian Chemicals, will be the new chief operating
officer responsible for managing the day-to-day operations. Each region will be headed by a
president who will report to Boyle. Boyle will report to the CEO. Several home-grown
executives were elevated to key roles in the current re-organisation. Surendra Goyal, part of

the carbon black business, will be the CFO of the combined business, while Madhurima
Gupta will be the new chief sourcing officer for the combined entity.
The new arrangement signals the group's efforts to bring together a cohesive structure for its
traditional businesses that are becoming bigger in terms of size and truly global in nature.
The move to create a common structure arose after the acquisition of Columbian Chemicals.
"There are anxieties in a large acquisition," said Misra. A task force was formed to identify
synergies and put together an effective management structure.
The carbon black businesses largely remained unorganised till the early 90s. Kumar
Mangalam Birla brought the business under the direct control of group's director Mahesh
Bagrodia in 1992. Though the business acquired new global dimension with the takeover of
Chinese firm Lioaning Carbon in 1992, it had remained unorganised till Misra took over as
the global head in 2009. "There is lot be derived from the coming together of Aditya Birla
Group and Columbian Chemicals," Kumar Mangalam Birla had said. The new changes are
part of efforts to provide single unified interface to global clients.
"Any global corporation to be successful has to be able to operate effectively in geographies
where they exist, leveraging on global culture and capability and also harness their might and
assets to grow the business. For example, if you have introduced good practice in a particular
geography, it can be replicated in other geographies as well.
Even activities like sourcing can be looked at in a collective manner," said Sunil
Chandiramani, head, advisory business, Ernst & Young.

iGate acquires majority stake in

Patni Computers
IT services firm iGATE Corp on Monday announced it would acquire mid-sized rival Patni
Computer Services in an estimated $1.22 billion (Rs 5,500 crore) reverse merger that would
put the combined entity within kissing distance of the big league of Indian software. Teaming
up with
private equity firm Apax Partners, $700 million in debt and management strength
symbolished by CEO Phaneesh Murthy the former global sales head of Infosys the USIndian iGATE stitched a deal expected to give it big contracts based on trust built by its size.
iGATE is acquiring a majority stake in a company twice its size on major parameters.
Patni has 16,556 employees, 282 customers, 22 global delivery centres, and offices in 30
locations worldwide, and reported 12-month revenues of $689 million (Rs 3,100 crore).

iGATE has 8,278 employees, 82 customers, seven global delivery centres, and offices in 16
countries, with 12-month revenues of $252 million (Rs 1,100 crore) as on September 30,
2010.
It has been our stated intent to scale revenues, customers, and expand our vertical
capability, said Murthy, who will now run the company that Infosys chairman NR Narayana
Murthy left to form Infosys nearly three decades ago. The two are not related.
Gaurav Dua, head of research at Sharekhan said iGATE and Patni stands good chance of
getting bigger in near future in terms of business than Mahindra Satyam, as the latter is still
struggling.
Patni brothers Narendra, Gajendra and Ashok will sell their combined stakes of 45.6%
at Rs. 503.5 per share to the iGATE-Apax consortium, which would also buy another 17 %
held by equity firm General Atlantic Partners at the same price.