Looking to exit from the Indian venture Tech Mahindra, British Telecom (BT) is understood to have offered its 31% stake to Tata group company TCS. BT may be mulling to exit totally from the venture, sources said, but no confirmation could be obtained either from the British entity or the Indian corporate house. Asked if British telecom had approached with its offer to sell its total or part stake, a TCS spokesperson said “We do not comment on market speculation”. Sources said the approach could have been driven out of synergistic angle as TCS has a thriving telecom practice and most importantly BT is a valued customer of TCS.   more »

Indian brokerage SMC said on Monday Sanlam Ltd, a South African financial services group, will invest $50 million and form joint ventures to offer wealth and asset management services. The investment will be in two firms of the Indian group - SMC Global Securities Ltd and SAM Global Securities Ltd., the Indian firm said. The money will be used to pick up 5 percent stake each in the companies and subscription to warrants, SMC added.(Reuters)   more »