Wipro arm foray

Bangalore, Sept. 28: Wipro Infrastructure Engineering (WIN) today announced its entry into the European market with the acquisition of a 100 per cent stake in the Sweden-based Hydrauto Group AB. A fully-owned-subsidiary of Wipro, the $57-million WIN signed an agreement to acquire 100 per cent equity in Hydrauto for $31 million in an all-cash deal.

The acquisition is expected to be completed by the third quarter of 2006-07.

DoT panel

Mumbai, Sept. 28: The department of telecom (DoT) has constituted a committee headed by telecom commission member (technical) K. Sridhara to study spectrum utilisation efficiency of Indian operators. The six-member committee, which will form benchmark standards for allotting extra spectrum to operators, will submit its recommendations next month, according to a letter issued by the DoT.

Hedge funds

Mumbai, Sept. 28: Reserve Bank governor Y.V. Reddy today said internationally, regulators were feeling the need to have a database of hedge funds because of their opacity and liquidity risks.

Infy results

Mumbai, Sept. 28: Infosys Technologies will announce financial results for the second quarter of this financial year on October 11.

SBI banks

Mumbai, Sept. 28: The associate banks of the State Bank of India (SBI) will raise Rs 3,000 crore over the next three years and register a growth of 25 per cent this fiscal. The fund-raising programmes would be done through either rights or equity or a combination of both.