Noted: Satyam Computer acquires UK's Nitor Global

Events that rocked the world of economy. Satyam Computer Services acquires UK-based Nitor Global Solutions; the volume on the Indian foreign exchange market surges to $34 billion...

ACQUIRED: By Satyam Computer Services, the UK-based Nitor Global Solutions, a niche consulting firm that provides infrastructure management services for $5.5 million cash. This is the second acquisition by Satyam Computer.

 Harvard Business School (HBS) WILL launch its first Indian Executive Programme, “Building a Global Enterprise in India”, in February 2008 in Hyderabad. The five-day programme (course fee Rs 1.8 lakh) at Hyderabad’s International Convention Centre is specially designed for senior executives from India and the neighbouring countries. HBS says the programme is based on 10 years of extensive, on-the-ground HBS research in India and has case studies relevant to the specific needs of companies in India. Says Krishna Palepu, Senior Associate Dean for International Development, who’s in India to promote the programme: “While the programme demonstrates Harvard Business School’s commitment to India, it will also allow us to learn from the Indian companies we’ve worked with over the years as we continue to enhance our global curriculum.”
SURGED: To $34 billion (Rs 1,36,000 crore) a day, the volume on the Indian foreign exchange market. This is 385 per cent higher than the average figure for 2004 and is the second-highest growth recorded among all countries surveyed by the Bank for International Settlements. China, which leads on this parameter with an 800 per cent growth, still has an underdeveloped forex market with an average daily turnover of $9 billion.

INCREASED: To $10.5 billion (Rs 42,000 crore) M&A volumes in the Indian banking and financial services sector so far in 2007 via 38 deals. The figure for the whole of 2006 was $707 million and 23 deals, according to a study by Dealogic.

PLANNED: By the Government of India, a thorough revamp of key indices such as the Consumer Price Index (CPI) and the Index of Industrial Production (IIP), to make them relevant to the current socio-economic environment. The base year for the new indices will be 1999-2000.

RANKED: By the Illinois-based Million Dollar Roundtable, an association of the world’s best life insurance sales professionals, SBI Life Insurance, at #5, in terms of number of members, on the list of global insurance companies. SBI Life is the first Indian company to figure among the top 10 global insurance firms in terms of MRDT membership. Korean insurer Samsung Life Insurance leads the table.

ANNOUNCED: By Larsen & Toubro, plans to build two new ports at a total cost of Rs 3,000 crore, and its third shipyard in the country. L&T is already involved in the building of a port at Dhamra in Orissa—in partnership with Tata Steel—and another at Kakinada in Andhra Pradesh in partnership with the state government.

Telecom base crosses 250 million

So far, 2007 has been a great year for the Indian telecom industry. In another landmark achievement, the Indian telecommunications network is closing on the 250 million mark and may well have crossed it by now. Till the end of September 2007, India had 248.66 million subscribers. Wireless subscribers accounted for more than 80 per cent of these, at 209 million. This segment added 7.80 million subscribers— 5.92 million in the GSM sub-segment and 1.88 million in CDMA—in September, compared to 8.31 million in August. It took 10 years from the time mobile services were launched in India in 1995 to reach the 100 million subscriber mark, and just another two years to breach the 250 million milestone.

Andhra Pradesh tops the list with 16.53 million wireless phones, followed by Maharashtra (excluding Mumbai), with 16.39 million phone users. Delhi, with 14.19 million wireless phones, is at third place. Total wireless phone subscribers in Mumbai stood at 11.52 million.

Overall, tele-density has touched 21.85 per cent against the target of 15 per cent by 2010; growth has, thus, far outpaced projections.

(Manu Kaushik)