This is the first 100% acquisition by Mahindra Satyam since it became part of Mahindra Group.
Mahindra Satyam, a leading global consulting and IT services provider today announced the 100% acquisition of BPO firm vCustomer's international operations for USD 27Mn. This is the first 100% acquisition by Mahindra Satyam since it became part of Mahindra Group and marks the entry of Mahindra Satyam's BPO operations into other verticals such as retail and consumer technology in addition to significantly enhancing technical support credentials.
The combination of vCustomer's expertise in the retail and consumer technology verticals with Mahindra Satyam's domain expertise and customer base will further strengthen the ability to address evolving market needs.
C P Gurnani, CEO - Mahindra Satyam, commented "This is a landmark moment in Mahindra Satyam's resurgence and reflects our investment appetite to enhance domain depth and global scale, across diverse verticals. The focus of vCustomer maps perfectly with our global operating model - allowing for seamless integration and smooth transition of processes and associates."
Sujit Baksi, chairman of Mahindra Satyam BPO Board stated "The expertise of vCustomer aligns well with our operations and enhances our competencies. We look forward to collaborating and creating new benchmarks of excellence."
Commenting on the business outlook, Sanjay Kumar, founder and CEO vCustomer said "vCustomer has harnessed formidable expertise and a diversified geographical presence across the Retail and Consumer Technology sectors. Mahindra Satyam's synergy and commitment to investment in business growth will spur growth plans and help build new service offerings."
In the late afternoon, Mahindra Satyam was trading at around Rs67.50 per share on the Bombay Stock Exchange, 2.82% up from the previous close.
The project consists of 5 units, each of 800 MW which will generate saleable power of 3800 MW.
Tata Power, India's largest integrated private power utility's wholly owned subsidiary, Coastal Gujarat Power Limited (CGPL), which is setting up India's first Ultra Mega Power Project (UMPP) in Mundra, Gujarat, announced the commissioning of the country's first 800 MW sized super critical Unit 1. Unit 1 was earlier synchronized with the national grid on 8 January 2012 and had achieved full load on 25 February 2012.
The country's first 800 MW Unit 1 has been ready for synchronization since 29 June 2011 awaiting transmission evacuation system from PGCIl, which got commissioned on 29 September 2011. Unit 1 was commissioned in a record 48 months of construction work starting on the project. Work on Unit 2, 3, 4 and 5 of the project is on track and progressing well.
The 4000 MW Mundra UMPP is the first of the UMPPs which heralds the entry of 800 MW super critical boiler technology in India which environment friendly and efficient. The project site, approximately 1000 hectares is located south of Tunda Wand Village in Mudra Taluk, Kutch district of Gujarat. The project consists of 5 units, each of 800 MW which will generate saleable power of 3800 MW to be supplied to 5 states viz. Gujarat, Maharashtra, Rajasthan, Haryana and Punjab. The super-critical technology and the choice of unit sizes will help the project achieve higher efficiency, thus saving fuel and reducing greenhouse gas emissions vis-a-vis conventional technology prevailing in the country.
In the late afternoon, Tata Power was trading at around Rs109.65 per share on the Bombay Stock Exchange, 0.6% up from the previous close.
While the premium range would be produced in the UK plant, JLR is looking to manufacture the lower range in India.
Tata Motors-owned Jaguar Land Rover plans to set up an engine manufacturing facility in India to meet the demand in the country.
The company, that is investing £355 million in an engine plant in the UK, said the investments on the planned Indian facility could be lesser. Speaking to a group of visiting Indian journalists at the Geneva Motor Show, Jaguar Land Rover chief executive officer Ralf Speth said the company has already started a hi-tech engine programme for Europe with the UK plant.
"The step two would be to go to India and then in India set up another facility with similar advanced technology in terms of inner equipment at the plant, and then deliver lower specification engines for the Indian market," he said. He, however, declined to give any time frame and on the size of investments.
Asked if the investment will be similar to the UK, Speth said, "I think it will be cheaper." At present JLR assembles sports utility vehicle Freelander at Tata Motors' Pune plant.
Elaborating the firm's strategy on engine development, he said the idea is to have a premium range and a lower range. While the premium range would be produced in the UK plant, the company is looking to manufacture the lower range in India.
When asked if JLR will supply the engines to other companies, he said, "No, we will not supply to other manufacturers. It can be for both Tata and JLR. There we are open. At the moment, there is no plan and Tata has to make sure that our engines fit in their products."
On the continuation of JLR's sourcing of engines from Ford, Speth said, "Yes, why not? There are so many different engines and so many different challenges on the engine side — smaller engines, bigger engines, hybrids..."
He, however, said for some very specific engines, the requirement from Ford may decrease, but even if the percentage comes down, it would not mean that the absolute number will come down.