The Mint report for 15 February 2010

The Mint report for 15 February 2010

New Delhi: With the forthcoming launch of its new small car, the Figo, Ford India announced that it would start phasing out its brand, the Fusion. The company said that as a result of the relatively small volumes the Fusion was selling, it would focus exclusively on the Figo in the small segment for the Indian market. The Figo is set to launch in India in March.

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In corporate news, the Competition Commission of India, or CCI, is looking to reduce the time it takes for merger and acquisition deals to go through. Currently, it could take up to 210 days to clear M&A deals. The industry thinks this is too long of a period to wait in the current business environment. The CCI is looking at the possibility of introducing pre-merger consultations with companies in order to expedite cases and reduce the time for approval to 40 days.

And in other M&A news, consultancy firm Grant Thornton, has reported that

India had a major jump in M&A deals in January. 56 M&A deals worth $2.5 billion were announced for the month, up 42% over the same period last year. In addition, growth was significant both in number of deals as well as their size. Most of the deals made were in the domestic market.

And Colors, one of India’s leading television stations, has been launched in the UK as a 24 -hour Asian channel. The channel was brought out by Viacom 18 media, a joint venture between India’s Network 18 and US media company Viacom. And they’ve chosen none other than 67-year old Amithabh Bachchan as their brand ambassador.

And markets closed up today on the back of strong global cues. The Sensex went up 188 points to 16,227 while the nifty closed the day 54 points higher to end the day at 4,856.