Sify to pay final tranche of $75 m for IndiaWorld deal on June 30
Satyam Infoway Ltd (Sify) will pay $75 million to Rajesh Jain on June 30 as a part of the all-cash deal to acquire IndiaWorld portals. This is despite the poor revenue returns from the portal business. The company had reported a net loss of Rs 38.19 crore on a total turnover of Rs 67.10 crore during the last fiscal. The $75 million forms the second and final tranche of the payment to Jain to pick up the remaining 75.5 per cent.Venkat Subbarao to head CAs operation's in S Asia
As part of a major organisational restructuring, Computer Associates (CA) International Inc has moved CA India's managing director Venkat Subbarao to Singapore. Subbarao, as senior vice president, will now be responsible for CA's operations in South and Southeast Asia. However, he will continue to serve as director in all of CA's ventures in the region. These ventures include CA TCG Software, SimplySoft Technologies and CA Escosoft. Subbarao, who has been working with CA for the past 12 years, was appointed as managing director of CA India in 1998.
Mahindra Info picks 10% in IndianNGOs.com
Mahindra Information Technology Services (MITS), a Mahindra group company has picked up a 10 per cent stake for an undisclosed amount in IndianNGOs.com. Bobby Sista of ad agency Sistas Worldcom had earlier picked up a 5 per cent stake in the site. IndianNGOs lists more than 4,000 NGOs spread over 104 categories and has links to over 3000 Indian and Global sites according to Sanjay Bapat, MD, IndianNGOs.com.
Pacific Internet voted best Asian ISP
Internet service provider, Pacific Internet which has a presence in about 7 Asian countries has been voted the best Asian ISP at Telecom Asia's annual Readers Choice Awards. The company has bagged the title for the second year running.
ICICI to expand Net services, launch more portals
ICICI Ltd has decided to expand its Net related services apart from launching three to four more portals including a B2B initiative in the current fiscal. ICICI, one of the first organisations in the finance sector to offer Net-related services like Net banking, online trading through ICICI Web Trade Ltd and ICICI Infotech has decided to expand its reach.
Nimbus clarifies:
This is with reference to the story "Nimble Nimbus puts off IPO, raises Rs 123 crore through private placement." Nimbus would like to clarify that the figure of Rs 123 crore is not correct and that Jardine Fleming Venture Fund is not an investor through the private placement. Harish Fabiani is, however, taking up a stake indirectly through an overseas corporate body. Nimbus' promoters currently hold a stake of over 90 per cent and not 87.2 per cent as mentioned in the copy.
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