Business Today


Here's a short summary of what happened, where and how in the past few days.

Print Edition: July 15, 2007

Cleared: By the Union Cabinet, steel magnate L.N. Mittal's bid to acquire a 49 per cent stake in the Bhatinda refinery of Hindustan Petroleum Corporation (HPCL) for $785 million (Rs 3,218.5 crore). This will be the largest FDI in a public sector unit in the refining sector.

Retained: By India, the top slot in the sixth annual Global Retail Development Index (GRDI), which ranks the most attractive emerging markets for retail investment, for the third year running. The index, released by management consulting firm A.T. Kearney, places Russia at #2, also for the third successive year. China vaulted past Vietnam and Ukraine to occupy the third position in the index.

Ranked: By Mastercard Worldwide, Mumbai as the world's 10th largest centre of commerce in terms of the financial flow volumes. The list, topped by London and New York in that order, includes two other Asian cities-Tokyo at fifth and Seoul at sixth positions. Others cities include Chicago, Frankfurt, Paris, Madrid and Milan.

Emerged: In 2006, India's IPO market, as the eighth largest in the world. Companies here mobilised $7.23 billion (Rs 31,812 crore) from 78 public issues in 2006, according to global consultancy firm E&Y. China topped the list with a net mobilisation of $56.6 billion (Rs 2,32,060 crore).

Acquired: By global private equity investor Blackstone Group, a 100 per cent stake in Indian BPO firm Intelenet for an undisclosed amount. However, industry sources pegged the figure at around $420 million (Rs 1,722 crore). The deal marks the US-based PE investor's first major investment in the country's booming BPO space. Intelenet has over 17,000 employees and serves more than 60 local and international clients.

Raised: $1.75 billion (Rs 7,175 crore) by Sterlite Industries, in the US, in the biggest ever overseas share sale by an Indian company. Sterlite, controlled by Anil Agarwal (pictured here), sold 130.4 million ADRs at $13.44 (Rs 551) apiece.

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