Financial Express - India's leading business newspaper from the Indian Express Group

Silverline buys out SeraNova Incfor $99 million in all-stock deal

Silverline Technologies Ltd and SeraNova Inc, the Raj Koneru promoted Internet services company have announced an agreement providing for Silverline's acquisition of the Nasdaq-listed SeraNova Inc, in an all-stock deal valued at approximately $99 million.

Datamatics picks 58% in US-listed infotech firm

Datamatics, a knowledge management specialist has acquired a controlling stake in the Nasdaq-listed Saztec International Inc., which is in the same line of business as Datamatics.

Hazira, Jamnagar projects to get escrow cover

In a move almost unprecedented in the history of the power sector in the country, the working capital management banks for the Gujarat Electricity Board led by the Calcutta-based Uco Bank have agreed in principle to provide escrow account to two fast-track power projects in the state.

Expenditure reforms panel calls for 10% cut in government staff by 2005

Outlining the blueprint for downsizing the government machinery, the Expenditure Reforms Commission (ERC) has recommended a 10 per cent cut in government staff by 2004-05, total ban on creation of new posts for two years and `more' liberal VRS to get rid of surplus staff.

Petroleum ministry clips wings of oil navratnas

Ministry of petroleum and natural gas has issued a directive to its navratna companies stating that it must be intimated of all board resolutions a week in advance. A special cell manned largely by ministry personnel will scrutinise the agenda and convey its point of view to these PSUs.