1 Mar 2011: 'Infosys could have non-Indian CEO in 2-3 years'
Infosys Technologies could have its first non-founder and non-Indian CEO in the next 2-3 years, according to a BNP Paribas report. The report speculates that Steve Pratt, present CEO of Infosys Consulting, could step into that role. This will break tradition at Infosys where the COO has always gone on to become CEO.
On being asked about the possibility of a non-Indian like Pratt taking over as the CEO, T V Mohandas Pai, the head of HR at Infosys, said the company would not like to comment on unsubstantiated speculations.
28 Feb 2011: JP Morgan fund seeks stake in Twitter
JPMorgan Chase’s new fund aimed at investing in social-media companies is seeking to buy a minority stake in Twitter that could value the service at close to $4.5 billion.
The $1.22 billion JPMorgan fund appears to see Twitter as its beachhead in the highly popular social-media sector, much as Goldman Sachs established its presence in the category by raising $1.5 billion to invest in Facebook, an amount that included $1 billion collected from wealthy private individuals outside the United States.
It is not clear whether the fund, known as the J.P. Morgan Digital Growth Fund, will invest directly in Twitter, or buy current investors’ stakes with the company’s consent, these people said. They cautioned that talks were continuing and might not lead to a deal.
It is not clear whether the fund, known as the J.P. Morgan Digital Growth Fund, will invest directly in Twitter, or buy current investors’ stakes with the company’s consent, these people said. They cautioned that talks were continuing and might not lead to a deal.
25 Feb 2011: I-T Department slaps Rs 450 cr demand on Infosys
The Income Tax Department has slapped a tax demand of over Rs 450 crore on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports.
Onshore software development is the practice wherein Indian companies send their software engineers on short assignments (3-6 months) to companies based in Europe, the US, and other nations.
24 Feb 2011: TCS appointed technology partner to Garmin-Cervelo
TCS said it has been appointed as the official technology partner to pro-cycling team 'Team Garmin-Cervelo' for the racing season 2011.
TCS will put in place an expert team to work with Team Garmin-Cervelo and determine how technology can be better leveraged to enhance the performance of the team, working hand-in-hand with the team's internal
TCS will put in place an expert team to work with Team Garmin-Cervelo and determine how technology can be better leveraged to enhance the performance of the team, working hand-in-hand with the team's internal
Sport Science group.
24 Feb 2011: Wipro hopes to garner $1 billion from hydraulics, defence business
India’s third biggest software firm, Wipro, plans to achieve billion dollar in revenues by selling hydraulic cylinders and manufacturing components for aviation and defence contractors in around 3-4 years, as the company seeks to grow its portfolio beyond software.
Having restructured its software exports business last month, Wipro’s Infrastructure Engineering division, which contributes less than 10% of the group’s business, has identified Brazil and China as new manufacturing hubs for its hydraulics business.
Having restructured its software exports business last month, Wipro’s Infrastructure Engineering division, which contributes less than 10% of the group’s business, has identified Brazil and China as new manufacturing hubs for its hydraulics business.
23 Feb 2011: L&T Infotech eyes stake in EXL Service
Investors in back office firm EXL Service are in talks with mid-sized L&T Infotech to sell their stake in the Nasdaq-listed company.
Institutional shareholders such as Aviva Investors Global Services, Blackcock Advisors LLC, TimesSquare Capital Management, Wellington Management, with at least 12 other investors hold around 53% in the company. About 24% in the BPO firm is held by Mutual Funds.
EXL joins its peers Genpact and WNS, whose investors are also looking for an exit for quite sometime now, since their investments have matured.
21 Feb 2011: Mahindra Satyam BPO' contract renewed by NAVTEQ for 2 more yrs
Mahindra Satyam's today said that its business process outsourcing arm Mahindra Satyam BPO has renewed its contract with NAVTEQ, a Chicago-based global provider of digital map data, for a period of two more years. Mahindra Satyam BPO currently provides services like geospatial software applications and modeling along with data support services to NAVTEQ.
21 Feb 2011: Wipro completes ten years in the Middle East
Wipro has completed ten years since it begun operations in the Middle East. Wipro, which commenced operations in the UAE and Saudi Arabia in 2001, today has a presence spread across Sharjah, Abu Dhabi, Kuwait, Qatar, Al Kobar, Riyadh, Jeddah and Bahrain.
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