U.K. banks edge ever closer to nationalization

The U.K. government's latest bank rescue package has done little to stave-off the prospect of further nationalizations, analysts said Tuesday, the day after almost 20 billion pounds ($28.5 billion) was wiped off the value of the country's top four lenders.

L&T has signed a MoU with US-based Westinghouse Electric Company

Larsen & Toubro, India's largest engineering and construction conglomerate has signed a memorandum of understanding (MoU) with US-based Westinghouse Electric Company to build 1,000 MegaWatt nuclear plants in India.

Under the arrangement, L&T will be responsible for construction and fabrication while Westinghouse's will provide design, engineering and procurement of major components.

Lanco Infratech announced that Vamshi Hydro Energies, a subsidiary of the company, successfully commissioned IKU-II (5 MW) small hydro project in Dhar

Tata Communications, a part of Tata Group, has acquired 30% stake in South Africa based Neotel previously held by Eskom and Transnet.

Lanco Infratech arm starts small hydro project in HP

Lanco Infratech announced that Vamshi Hydro Energies, a subsidiary of the company, successfully commissioned IKU-II (5 MW) small hydro project in Dharmshala, Himachal Pradesh (HP), and has commenced commercial operations with effect from Jan. 19, 2009.

Suzlon enters Sri Lankan wind market

Suzlon Energy has entered into Sri Lankan market with an order to supply 10 MW of wind turbine capacity to a project developed by Senok Wind Power.

Zenotech may drag Daiichi to SEBI

Zenotech Laboratories may take Japanese drug maker Daiichi Sankyo to market regulator SEBI for not honoring a commitment to make an open offer at a previously agreed upon price of Rs 160 a share.

Zenotech has rejected the open offer price of Rs 113.62 a share made by Daiichi Sankyo for acquiring 20% additional stake in the company as according to the company the current offer price was way below the earlier agreed price

M&M forays into retail sector with Mom & Me stores

Defying global turmoil, Mahindra & Mahindra (M&M) has entered into the retail sector with the soft launch of its specialty format Mom & Me in order to sell infant care and maternity products

ITC to launch stationery brands abroad

ITC is expected to take some of its education and stationery products overseas, reports DNA.

The company has two umbrella brands --Classmate and Paperkraft. ITC sells notebooks, copier and printer paper, writing instruments and scholastic products under these brands.

TCS inks deal with Ducati Motor

India`s top software exporter, Tata Consultancy Services inked a multi-million dollar, multi-year deal with Ducati Motor Holding to deliver technology-based services to the Italian bikemaker and its subsidiaries in Europe

Tatas to produce 80,000 Nano`s in 2009-10

Nano`s production at Tata`s Pantnagar plant in Uttarakhand would be restricted to 80,000 units during 2009-10 and the first roll out is likely to happen towards the end of February

Tata JV & JSPL win CTL project worth USD 6-8 bn

Tata group`s joint venture (JV) with Sasol of South Africa, and Jindal Steel and Power (JSPL) has been awarded the prestigious USD 6-8 billion pilot project to convert coal into liquid petroleum.

Goldman foresees GDP to slowdown to 5.8% in FY10

The Indian economy will go through a challenging time in 2009. GDP growth is expected to slow down to 5.8% in FY10 due to rapidly falling external demand and slowing investment demand, according to a study by Goldman Sachs.

Satyam Bank Documents at Issue

Satyam Computer Services Ltd., the Indian outsourcer embroiled in a fraud scandal, used forged documents from at least four major banks to claim a cash balance in excess of $1 billion, according to a person close to the investigation.

Investigators have sent Satyam's account-balance statements and letters of confirmation of account balances to officials at HSBC Holdings PLC of the U.K., Citigroup Inc. of the U.S., and HDFC Bank and ICICI Bank Ltd. of India. Based on the banks' reviews, investigators have determined that the documents were forgeries, according to the person close to the investigation. Spokesmen for all four banks declined to comment.

B. Ramalinga Raju

The documents offer a further glimpse into how Satyam founder and former Chairman B. Ramalinga Raju executed a fraud that inflated the company's balance sheet over several years, according to a confession he wrote to Satyam's board earlier this month. Since then, investigators have launched a probe into the company's dealings to determine the full extent of the deception.

Mr. Raju and his brother, B. Rama Raju, Satyam's former managing director, have been arrested in Hyderabad, the capital of the southern state of Andhra Pradesh, on complaints of cheating, forgery and breach of trust. A bail hearing for the two is expected on Jan. 22. The Raju brothers' lawyer, S. Bharat Kumar, declined to comment Monday.

The Raju brothers have financial stakes in two infrastructure companies, Maytas Infra Ltd. and Maytas Properties Ltd. The Indian government said Monday it will seize the books of both Maytas companies as part of the probe into Satyam because of a possible connection.

"We have ordered extension of [the probe by] the Serious Fraud Investigation Office into the two companies as the initial investigation has showed a nexus," P.C. Gupta, minister of corporate affairs, told reporters. "To uncover the facts relating to the events in Satyam, it is necessary to obtain information, records, books and papers from the two companies."

Spokesmen for both Maytas companies had no immediate comment.

Meanwhile, Maytas Infra said Chief Executive P.K. Madhav has resigned, effective Jan. 14, because he needs to spend time addressing legal issues in an unrelated case. A Maytas spokesman said Mr. Madhav was unavailable for comment.