Cairn deal push
New Delhi, Aug. 7: UK’s Cairn Energy Plc will accept all the pre-conditions of the government to get the approval for selling stake in its Indian arm to mining group Vedanta Resources. On August 3, the Edinburgh-based firm had written to oil secretary G.C. Chaturvedi, saying it, along with Vedanta, has an 80 per cent shareholding in Cairn India, which is more than enough to get any pre-condition accepted.
Geneva, Aug. 7: India and Pakistan will battle it hard for the post of a judge at the WTO’s highest court for trade disputes — the Appellate Body. New Delhi has nominated former trade envoy Ujal Singh Bhatia as its candidate.
Washington, Aug. 7: HSBC Bank, which is at the core of a US crackdown on offshore tax evasion, has alerted its clients with an account in India, including Indian Americans, to consult a tax adviser after it received summons from the Internal Revenue Service seeking its account-holders’ names.
Mumbai, Aug. 7: Infrastructure finance company Srei plans to raise a $500-million venture capital fund from global investors for its domestic projects, Srei chairman and managing director Hemant Kanoria said.
Mumbai, Aug. 7: Information technology, financial and realty sectors cornered nearly 52 per cent share of the 68 merger and acquisitions deals during June and July, the Assocham Financial Pulse study has revealed.