Software company Tech Mahindra today said it may evaluate the telecom business of the Satyam Computer Services for acquisition. "We are not interested in the whole company. We may be interested in its telecom business which forms a very small part of Satyam's entire portfolio if customers want us to," the company spokesperson told PTI. He said the interest areas for Tech Mahindra could be taking over the telecom contracts and the employees associated with the vertical.   more »

Changi Airports International Pte Ltd (CAI), a unit of the owner of Singapore’s main airport, has purchased a 26% stake in a new airport project in eastern India. Changi Airports agreed to buy the stake in Bengal Aerotropolis Projects Ltd in September last year, West Bengal Industrial Development Corporation managing director Subrata Gupta said in a telephone interview on Tuesday. The airport project will cost about Rs10,000 crore, Gupta said. He declined to say how much Changi will pay for its stake.(Mint)   more »

BSEL Infrastructure Realty Ltd said on Wednesday it has sold its 17 percent stake in BW Highway Star Hotel project in Pune. It has sold 1.05 million shares to Kamat Hotels (India) Ltd for 79.41 million rupees and the balance shares to a unit of Unity Infraprojects Ltd ) for 70.58 million rupees, it said in a statement. The project was being developed by the BSEL in a joint venture with Unity and Kamat Hotel, it added.(Reuters)   more »

The Satyam story poses a big question over the credibility of auditors in general, as PricewaterhouseCoopers was auditor of the company. The bankers to Satyam included Bank of Baroda, BNP Paribas, ICICI, HDFC, Citi Bank, HSBC. Anita Gandhi, head-institutional business, Arihant Capital, said, “The Indian technology industry was a very important driver for the country's stock market for nearly a decade. Satyam's fraud is expected to lead a severe blow to the entire industry with investors being more cautious going ahead. This raises serious questions on the entire due diligence process conducted by the auditors of Satyam. What is more surprising is the chairman's confession after his resignation. This means, all along, he did have vested interest in keeping the investors in darkness.”   more »