The stock market regulator Securities & Exchange Board of India (Sebi) after trading hours on Friday, 13 February 2009, relaxed takeover regulations for companies whose boards have been superseded and replaced by the Government or other regulatory authority. This has smoothened the way for a possible sale of Satyam Computer Service, the only company that currently fits this description. Meanwhile, Satyam Computer has reportedly initiated preliminary discussions with Life Insurance Corporation of India for funding.
Reliance Communications added a record 5 million new subscribers in January, boosted by the launch of services on the GSM platform. Reliance, which has most of its users using rival CDMA technology, launched nationwide GSM-based services in January this year. By end-December, Reliance had 61.35 million of India's 346.89 million mobile phone users, according to data from the telecoms regulator. Meanwhile, Reliance Communications has reportedly placed orders for 25 million GSM SIM cards with Korean vendors. Delivery is expected to commence by the second week of March 2009.
K Thiagarajan, chief executive officer of Maytas Properties, founded by the family of Ramalinga Raju, the promoter of Satyam, has reportedly resigned on health grounds.
State-run oil companies have reportedly slashed jet fuel prices by an average of Rs 1,206 per kilolitre across cities effective Sunday, 15 February 2009 midnight, a 3.8% drop.
NTPC will reportedly be allowed to increase investments in subsidiary or joint venture projects to 50% of net worth from the current 30% and increase its exposure in them beyond Rs 1000 crore.
BEML is reportedly in talks with Netherland-based companies for a technology alliance to manufacture dredgers in India.
Omaxe is reported to be in talks with 14 banks to restructure debt and is hopeful of getting Rs 900 crore of debt restructuring soon. It has a debt of Rs 1513 crore on the books.