Briefly Business

Diversified group Avantha on Wednesday announced that it has entered into a definitive agreement for acquiring US-based Pyramid Healthcare Solutions...

Avantha acquires Pyramid Healthcare

New Delhi: Diversified group Avantha on Wednesday announced that it has entered into a definitive agreement for acquiring US-based Pyramid Healthcare Solutions (PHS) for $20 million. It has acquired 100 per cent stake in PHS for an enterprise value of about $20 million,Avantha Group said in a statement. While $14.5 million has been paid upfront,the balance will be given after two years,it added.

4 FDI proposals worth Rs 1,412 crore cleared

New Delhi: The government has cleared 24 Foreign Direct Investment (FDI) proposals worth Rs 1,412.19 crore,including a project of Asianet Communications. Trivandrum-based Asianet Communications has been permitted to raise FDI of Rs 425 crore to undertake business of broadcasting non-news and current affairs television programmes,an official release said on on Wednesday.

Govt to address areas of concern in DTC draft

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New Delhi: Amid wide concerns over proposed change in calculation of MAT and tax on long-term savings,the finance ministry has said nine contentious issues were considered while redrafting the Direct Tax Code. The revised discussion paper would soon be put up for public comments,after which the DTC bill will be tabled in Parliament during the monsoon session,Finance Minister Pranab Mukherjee had said.

Cant intervene in CAG audit: TDSAT

New Delhi: In a setback to GSM operators,who have been demanding that auditor CAG be stopped from vetting their account books,tribunal TDSAT on Wednesday said it had no powers to intervene. Four leading operators,Bharti Airtel,Vodafone,Tatas and RCom,besides state-run company BSNL,have been asked by the CAG to submit their accounts books for the last three financial years to ensure that they were paying what is due to the government in terms of licence fee.

State FMs may meet over GST on Friday

New Delhi: The state finance ministers are likely to discuss the divergent views of the Centre on the implementation of the proposed goods and services tax (GST),here on Friday. The state finance ministers are likely to discuss the comments of the Union finance ministry on various matters where there are some disagreements, sources said.

50 cos mop up $2.8 bn overseas debt in April

Mumbai: Fifty companies raised over $2.8 billion debt from the overseas markets in April,with cellular operator Vodafone Essar,Shipping Corporation of India and Exim Bank accounting for bulk of this mop-up. The debt raised through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) was,however,less than $4.32 billion raised by 73 companies in the previous month.