Sona Koyo buy

New Delhi, Jan. 21: Sona Okegawa, a group company of Sona Koyo, will acquire the precision forging business of Germany-based Thyssenkrupp. Sona Group chairman Surinder Kapur said, “The acquisition of Thyssenkrupp, with a turnover of Rs 1,740 crore and a 24 per cent global market share, will make us the biggest precision forgings manufacturer in the world.” He, however, refused to divulge the value of the deal. After the acquisition, expected to be completed by the end of this month, the German firm will operate as Sona Okegawa’s wholly owned subsidiary. Thyssenkrup is nearly 10 times the size of Sona Okegawa, which has revenues of around Rs 180 crore.

R-Com move

Mumbai, Jan. 21: Reliance Communications (R-Com) has awarded a nationwide GSM rollout contract for electronics to Huawei. The contract is estimated to be worth over Rs 2,000 crore. R-Com plans to invest over Rs 6,000 crore in GSM electronics alone.

Spectrum

New Delhi, Jan. 21: The defence ministry said no final decision had been taken on vacation of frequency used by armed forces. “Various proposals are being considered ... How much spectrum will be released and when, no decision has yet been taken,” defence minister A.K. Antony said.

SBI meet

Mumbai, Jan. 21: The talks between State Bank chairman O.P. Bhatt and the employees unions today to resolve the differences over the issue of merging associate institutions with the parent bank remained inconclusive.