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Bharti Airtel to launch 3G services by Dec end
Bharti Airtel today will commercially launch 3G, or third-generation, services by the end of next
month. Bharti won spectrum (radio waves) for 3G services in 13 of the country's 22 telecom service
areas in the auction held by the government earlier this year. Its competitor, Tata DoCoMo, the GSM
arm of Tata Teleservices has already launched 3G services in nine circles where it has spectrum.
Besides, state-owned firms BSNL and MTNL are offering 3G services in the country. Another major
private player, Vodafone, plans to launch the services in the January-March quarter of 2011.
Patni bags Rs 145 cr contract with 2e2
IT major Patni Computer Systems today secured a five year contract, worth more than 20 million
pound (more than Rs 145 crore) with UK IT services provider, 2e2. The contract will provide a range of
support services for 2e2's end-user clients and the delivery of in-house support services. The contract
has the potential to scale-up rapidly in the first two years. It is anticipated that Patni will start to
provide initial services under this new contract before the end of the year. This deal is expected to be
strategic in nature for both companies with complementary service offerings in the European market.
MOIL IPO on Nov 26; ONGC, IOC to hit mkts in Q4
The government announced today that Manganese Ore India (MOIL) will come out with its IPO on
November 26, while offers of oil majors ONGC and IOC will hit markets in the last quarter of this fiscal.
MOIL will sell a total stake of 20%, out of which the Centre's shares will account for 10% of the total
equity. Madhya Pradesh and Maharashtra governments will divest 5% stake each in the undertaking.
Sun Pharma gets US nod for allergy, BP drugs
Sun Pharmaceutical Industries today said it had received approval from US health regulator to market
generic Clarinex tablets and Tiazac capsules, used in treating nasal allergies and hypertension,
respectively, in the American market.
VA Tech Wabag signs contract with Indian Oil
Water treatment player VA Tech Wabag Ltd today said it has signed a contract with Indian Oil
Corporation Ltd (IOCL) to set up an effluent treatment plant (ETP) at a cost of Rs 250 crore. The scope
of the project includes design, engineering, supply, construction, erection, testing and commissioning
of ETP and recycling system on turnkey basis.
IL&FS completes merger of Saffron Group
IL&FS Investment Managers acquired the shares of Saffron Asset Advisors Private limited (SAAPL), an
Indian entity, thereby making SAAPL a subsidiary of the Company. The transaction will be funded
partly by way of internal accruals and partly by way of debt raised by IL&FS Investment Advisors LLC.
With the acquisition, the assets under management of the company along with its affiliates has
increased to $3.2 billion.
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