2G spectrum case: Anil Ambani quizzed by PAC

S-Tel CEO Shamik Das and Unitech Wireless managing director Sigve Brekke are also scheduled to appear before the PAC today

New Delhi: Reliance Communications chairman Anil Ambani was today questioned by Parliament's Public Accounts Committee in connection with alleged irregularities in the second generation (2G) spectrum allocation, reports PTI.

Etisalat DB Telecom CEO Atul Jham was also questioned by the panel headed by senior BJP leader Murli Manohar Joshi.

The PAC had yesterday quizzed Tata Sons chairman Ratan Tata and corporate lobbyist Niira Radia in connection with the 2G spectrum scam.

The panel had quizzed Ms Radia for two hours and Mr Tata for three hours on issues related to the scam.

S-Tel CEO Shamik Das and Unitech Wireless managing director Sigve Brekke are also scheduled to appear before the PAC today.

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TeamLease raises Rs100 crore from ICICI Venture and Gaja Capital Partners

TeamLease Services has completed an equity fund raise of Rs100 crore to fund the vocational education expansion of the company

TeamLease Services, a composite staffing and education company, has said that it had completed an equity fund raise of Rs100 crore to fund the vocational education expansion of the company. This capital was raised from ICICI Venture, an asset management company, and existing investor Gaja Capital Partners.

TeamLease Services, focused on the organised temporary staffing market since 2003, entered vocational education by acquiring the Indian Institute of Job Training (IIJT) in 2010. The company has also begun work on TeamLease University that will offer associate degree programs in the same domains and will start operations later this year after regulatory and legislative approvals.

Vishakha Mulye, managing director and CEO, ICICI Venture, said, "The education and staffing sector in India is poised for an exciting future as there is clear recognition within the government as well as the private sector about the need to address gaps in the people supply chain, need for up-skilling of workforce, demand for quality training, etc with the current growth trajectory of India."

The capital raised will be deployed for the vocational education initiative i.e. a rollout of IIJT centres, national satellite delivery capabilities, building a corporate training business, acquiring a footprint in new domains more suitable for students directly after Class 10 and the TeamLease University project.
Ashok Reddy, managing director, TeamLease Services, said, "Innovating in India's people supply chain requires operating at the intersection of jobs and skills since companies are looking for trained candidates and candidates are looking for jobs. This fund raise allows us to create a corridor between certificates, diplomas, associate degrees and jobs."

The National Skill Mission has set itself a target of making 500 million people employable by 2020. India's labour market is undergoing five transitions-farm to non-farm, rural to urban, unorganised to organized, subsistence self-employment to decent wage employment and school to work. These transitions are constrained by three challenges-matching (connecting supply to demand), mismatch (repairing supply for demand) and pipeline (preparing supply for demand). TeamLease will now offer solutions to state governments, employers and candidates in all three areas across the country.

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Suzlon raises stake in REPower to 95%, eyes complete takeover

Raising the stake will help Suzlon to automatically get the rest of the shareholders to sell because under German laws, a shareholder with 95% holding in a company can initiate a 'squeeze-out' procedure, under which the remaining shareholders have to sell their shares

Mumbai: Wind turbine maker Suzlon has raised its stake in German subsidiary REPower to over 95% and is now only a step away from making it a wholly-owned subsidiary by acquiring the remaining stake in the entity, reports PTI.

Currently, Suzlon through its subsidiary AE-Rotor Holding BV (AERH) directly and indirectly has 95.16% stake in REpower, Suzlon said in a filing to the Bombay Stock Exchange.

The holding of Suzlon, which had first acquired stake in REPower in 2007-08, earlier stood at 91.5% and the additional shares were bought in the last 2-3 weeks, the company's chief financial officer Robin Banerjee told PTI over the phone.

Mr Banerjee did not disclose the exact outgo from Suzlon for the additional stake in the publicly-listed REPower, but said "a part of" the money raised by the promoters of Suzlon recently by selling 2% of Suzlon was used to fund the acquisition.

"The money has been given to the company as a debt from the promoter and a part of it was used to acquire the new shares," Mr Banerjee said.

Raising the stake will help Suzlon to automatically get the rest of the shareholders to sell because under German laws, a shareholder with 95% holding in a company can initiate a 'squeeze-out' procedure, under which the remaining shareholders have to sell their shares.

Accordingly, a notice has been served to the management board of REPower, Suzlon said in the filing.

Mr Banerjee said the acquisition of the remaining 5% will be done in the next 6-12 months and requires Suzlon to appoint an auditor to give a valuation, which once ratified by a court, would require the minority shareholders to surrender their rights.

Legally, both the companies will function as separate units but REPower will delist and become a private limited company post-complete takeover, Mr Banerjee said.

Both the companies are complimentary to each other and a 100% ownership will help Suzlon leverage strengths better, he said.

"Suzlon has a good hold over the developing world, while REPower is good in the developed. Similarly, Suzlon is good with on-shore technology, while REPower is good on the off-shore front," he added.

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