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Satyam acquires Maytas Infra and Maytas Properties – All in the family

Satyam Computers will acquiring 100% stake in Maytas properties for $1.3 billion and 51% stake in Maytas Infra for $300 million. Both the companies are in real estate sector. Maytas Infrastructure has the $4 bn Hyderabad metro project in its kitty. Maytas properties deals with urban infrastructure and Raju family owns 35%. 75% of acquisition (Maytas Infra + Maytas Properties) will be from Satyam's cash reserves. 25% will be via debt. 51% stake in Maytas Infra will be acquired in two stages. Satyam will acquire 31% of promoters (mostly Raju family) stake in Maytas Infra at 475 rupees per share. Balance 20% would be acquired by a open offer for 525 rupees per share. The current market price of Maytas Infra is 486 rupees. Satyam Shareholder pattern : Indian promoters - 8.75%, Institutional Investors - 61.22%, Other Investors - 21.29%, General Public - 8.75%. Here Raju family or the Indian promoters hold only a minority of the stock. Majority is held by FII's and mutual funds. Their approval is critical for this deal to go through. (source)

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India Inc shining again!

Things are suddenly looking for bright for India Inc. A delegation from Ohio is here to invite Infosys to set up a shop in Cincinnati. TCS has already set up a development centre in Cincinnati. Their intention is to bring Americans back to the technical fields, create employment and boost the economy. I think the world has come full circle. Not too far back in the memory lane, everybody in the US is crying about outsourcing. There is also a popular slogan “you have been Bangalored” in the US. Now Indian IT companies are coming to rescue the US markets. By opening up new development centers and winning their outsourcing contracts India is indispensable to the US and the world. A US bank, Union bank of California has awarded a contract worth $15 bn to Infosys. Infosys has to race with one more vendor to win the contract. That vendor is TCS. When Obama is talking against outsourcing, this California bank has invited only two vendors (both Indian) and reached an agreement. Why did this bank not invite more bids? Is it the reputation of the Indian companies that sent other companies into the oblivion? Whatever it is, this is one more reassurance that outsourcing and India are inseparable.

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