Companies & Sectors
Infosys buys healthcare business subsidiary for $100 mn
Global software major Infosys Ltd on Monday secured shareholders’ approval for buying its healthcare business subsidiary for $100 million (Rs.625 crore), a company official said.
 
"The shareholders approved a special resolution at the company’s 34th annual general meeting here to acquire Infosys Public Services Inc., a wholly-owned subsidiary, on July 1 or after for $100 million,” the official said on the margins of the AGM.
 
The AGM, chaired by the new non-executive chairman R. Seshasayee, also approved the appointment of Roopa Kudva as an independent director on the company’s executive board.
 
Kudva was chief executive of Crisil (Credit Rating Information Services of India Ltd), a global analytical company, from 2007 to April this year. She will join Omidyar Network, a global impact-investing firm, as a partner in July and be managing director of its India advisory firm.
 
Of the iconic IT firm’s seven co-founders, only N.R. Narayanay Murthy was present at the AGM along with his wife Sudha Murthy, chairperson of Infosys Foundation, and a promoter shareholder.
 
The other six - Nandan Nilekani, S. Gopalakrishnan, S.D. Shibulal, K. Dinesh, N.S. Raghavan and Ashok Arora were absent, though barring Arora, they continue to be promoter shareholders.
 
Murthy, who returned from retirement to head the troubled company as chairman on June 1, 2013, stepped down abruptly a year later (June 14 2014) after reviving its sagging fortunes and finding Vishal Sikka as successor.

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Japan's Softbank, Bharti JV for $20bn Indian solar project
Japan's SoftBank Corp on Monday announced a joint venture with Bharti Enterprises and Foxconn Technology Group to set up a $20 billion solar power project in India designed to add 20 gigawatts of generation capacity.
 
"The total project cost is $20 billion and designed to further Prime Minister Narendra Modi's vision of achieving 100 GW solar power, which he told me about in Tokyo," SoftBank chairman Masayoshi Son told reporters here.
 
"Softbank will be the project leader with majority stake, while Bharti will be a strategic minority shareholder. Foxconn Technology will have a smaller minority stake," said Bharti Enterprises chairman Sunil Bharti Mittal.

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Bank employees' June 24 strike postponed
A strike called by All India Bank Employees Association (AIEBA) on June 24 to press for the demands of employees of associate banks of State Bank of India (SBI) has been postponed, said a top union leader.
 
"The June 24 strike has been postponed. We will meet union ministers for finance and labour and complain about the anti-employee stand of SBI. The bank management is not implementing the government directions," C.H. Venkatachalam, AIEBA general secretary, told IANS.
 
He said the SBI management was not implementing the guidelines of the government regarding the appointment on compassionate grounds nor hike the housing loan amount for the employees.
 
"Despite all efforts by AIBEA and SSBEA (State Sector Bank Employees Association) to work out amicable solution during conciliation and bilateral talks, SBI management maintains their illegal, unfair and anti-associate banks attitude. AIBEA has decided to take up the issue at higher level in government. In view of this, it is decided to postpone the strike of June 24," he said.

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