Financial Daily from THE HINDU group of publications
Tuesday, Oct 12, 2004
Financial Daily from THE HINDU group of publications Tuesday, Oct 12, 2004 |
||
|
|
||
|
Corporate
-
Mergers & Acquisitions Xerox ups stake in India arm Our Bureau
NEW DELHI: Xerox Corporation today announced the acquisition of MCorpGlobal's 36.4 per cent stake in Xerox Modicorp for an undisclosed sum, taking its total stake to 86 per cent. The company, which has been under the scanner in the US and in India for payment irregularities, plans to make its Indian arm a wholly owned subsidiary. "This acquisition is the first step for Xerox to achieve 100 per cent ownership of Xerox Modicorp and is consistent with Xerox's determination to continue its strong presence in India for the long term," said Xerox Corporation International Group President, Mr Jule E. Limoli, in a statement. The FIPB and the Reserve Bank of India (RBI) have approved the buyout, the statement said. The remaining 14 per cent equity in the company is with the public and Modi Rubber. "As part of its overall restructuring for better utilisation of resources, MCorpGlobal has divested its stake in the Xerox business in India," said MCorpGlobal group CEO and CFO, Mr O.P. Dani.
More Stories on : Mergers & Acquisitions | Office Equipments & Supplies
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|