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Great Indian telecom boom begins to ring hollow
When telecom executives went into a meeting with Communications Minister A Raja on Tuesday evening inside the peeling walls of Sanchar Bhawan in New Delhi, they may have believed that things were so bad they could not get any worse. They were wrong. The highlight of the meeting was Raja asking mobile telephony operators to reduce termination charges, the money that an operator pays another to whose network the call is made.

Tata Motors Dec sales more than doubles at 51,627 units
The country"s largest auto maker Tata Motors today said its total sales during December last year more than doubled to 51,627 units, up from 25,219 vehicles sold in December 2008.

News of the day

'India Inc may witness high attrition in 2010'
With the revival of the job market India Inc is all set to witness a significant jump in attrition levels as well, especially in sectors like aviation, information technology and business process outsourcing, executives search firm GlobalHunt India said today.
Corporate

Shri Renuka Sugars acquires Brazilian VDI

Shri Renuka Sugars has acquired "Vale Do Ivai S.A Acucar E Alcool (VDI)", a Brazilian sugar and ethanol production company. The acquisition includes two sugar and ethanol production facilities located in the southern state of Parana with a combined cane crushing capacity of 3.1 mn tonnes per annum. In addition, VDI holds strategic stakes in several logistics assets including terminals for staoarge and loading of sugar and ethanol at the port of Paranagua. Larger part of the sugarcane requirements at VDI are met through its own cultivation of more than 18,000 hectares of land on long lease. VDI has an enterprise value of $240 mn. Shree Renuka will acquire 100 per cent of the equity capital of VDI for approximately $82 mn and the balance is assumed debt which is to be repaid over 8 years. The acquisition has received approval of leading creditors of VDI and other remaining conditions are expected to be completed over next 45 days. Motilal Oswal Investment Advisors was the strategic advisor to Shree Renuka for the deal.


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