FirstPost on Business: Firstsource to buy Lankan firm

Here’s what’s making news in the business world today

Firstsource to buy stake in Sri Lankan firm

Firstsource Solutions has agreed to buy a majority stake in a Sri Lankan business process outsourcing venture in a bid to protect margins from competition, high staff turnover and rising wages at home.

Source: The Wall Street Journal Online

[caption id=“attachment_4099” align=“alignleft” width=“380” caption=“Firstsource Solutions has agreed to buy a majority stake in a Sri Lankan business process outsourcing venture. Reuters”] [/caption]

Amrutanjan Health board OKs share buyback

Amrutanjan Health Care Ltd said on Tuesday its board has approved a buy back of shares of up to 10 percent of the company’s paid up share capital.

Source: Reuters

Wipro likely to sell water business; focus on core

Soaps-to-software major Wipro is evaluating the options to sell off its water business and sharpen its focus on the existing revenue streams, at least two people familiar with the internal discussions said.

Source: Economic Times

India makes exit easier for foreign investors

A rule put in place last year on the pricing of convertible instruments that made it difficult for foreign private equity and venture capital funds to invest in Indian companies was scrapped recently.

Source: The Wall Street Journal Online

Government demotes LIC chairman TS Vijayan to MD

For the first time in LIC history, the government on Tuesday demoted chairman to managing director and appointed bureaucrat Rakesh Singh as the acting chairman.

Source: Times of India

‘For PE, India is less sexy than China today’

The poster boy of Indian private equity, Ashish Dhawan of ChrysCapital, tells that PE is a business one falls in love with pretty easily. Even as the India story is selling well and everybody wants to be part of it, Dhawan says post-slowdown, the big issue is that LPs (limited partners, essentially investors in PE funds) are acutely focused on the cash-on-cash track record of PE firms.

Source: Financial Express

Government targets $500b exports by 2014

The commerce and industry ministry has set a target of achieving $500-billion exports by 2013-14 by strategising the country’s foreign trade through diversification of products and markets and technological enhancement.

Source: Business Standard

Tata Housing to invest 1,000 cr to buy land

The real estate arm of Tata group is looking to buy land, instead of signing so-called joint development deals with landowners, in a bid to enter new property markets.

Source: LiveMint