New Delhi: Mobile telecommunication services provider Bharti Airtel Ltd is strengthening its relationship with International Business Machines Corp. (IBM) with a $150 million (Rs589.5 crore) agreement over six years that will utilize the US-based company’s global expertise in telemedia business, distribution, enterprise segments and business resilience.
“We intend to continue to build upon the success of the principle of utility computing, on which we had structured our partnership with IBM,” said Jai Menon, director, information technology and innovation, Bharti Airtel. Staff Writer
ICICI Venture to pick up Express building stake
Mumbai: The Indian Express Group plans to spin off its publishing business into a separate company and give ICICI Venture, the private equity arm of ICICI Bank Ltd, India’s largest private lender, a minority stake in its Express Towers property in Mumbai, according to a release from the media group.
People familiar with the transaction who did not wish to be identified as terms for the deal have not been made public said the Group would earn around Rs500 crore from the sale of the stake in the building and that the group also planned to list the publishing business later in 2008.
In the release, The Indian Express Group chairman and managing director Vivek Goenka said in the next few months, the media group would see sizeable investments across its publications and brands. “We have, in the past two years, invested Rs150 crore in new technologies, units and presses,” he said. “Going forward, the company plans to focus on building its brands and launch new publications and editions.”
Currently, the group publishes newspapers such as ‘The Indian Express’, ‘The Financial Express’, ‘Jansatta’ and ‘Loksatta’ as well as magazines, such as ‘Screen’, and ‘Express Computer’. Sagar Malviya