Future To Exit Generali JV, Sell To IITL - The Kishore Biyani-promoted Future Group is set to exit from the life insurance venture that it operates in partnership with Italy's Generali. Future is in advance discussions with the Mumbai-based Industrial Investment Trust (IITL) to sell a controlling stake in a phased manner. Both side have agreed on a valuation of around Rs 1,600 crore, which might change marginally depending upon the outcome of the due diligence process. (Economic Times)
Aditi Technologies Acquires Cloud Computing Start-up - Aditi Technologies, a software product and application development services provider, has acquired Seattle-based cloud-computing start-up, Cumulux. Cumulux, founded in 2008 by former Microsoft employees Paddy Srinivasan and Ranjith Ramakrishnan, provides cloud computing services to customers such as US automaker Ford Motor, power generation equipment maker General Electric and Unicef, the United Nations Children's Fund. (Economic Times)
Tata Sons Board Adds New Faces - Four senior officials of the Tata Group, who have recently stepped down from executive positions, are likely to soon join the board of the salt-to-software conglomerate's main holding company. The vice-chairmen of four flagship companies - B Muthuraman of Tata Steel, Ravi Kant of Tata Motors, S Ramadorai of TCS and Prasad Menon of Tata Chemicals - may soon join the Tata Sons board. (Economic Times)
SunEdison Raises Rs 500Cr For Projects - SunEdison, a US-based solar power developer and an active player in India too, has announced that it has raised $110 million in debt to fund its several ongoing projects in India. The Overseas Private Investment Corporation (OPIC), which is part of the US Government, L&T Infra Finance, and IDFC, have together provided the funding. SunEdison has a clutch of project in India, the biggest of which is a 25 MW project in Gujarat. (Business Line)
Phoenix Mills To Refinance Loans, Sells Office Property - Phoenix Mills Ltd is refinancing loans and selling office properties in its upcoming mixed-use projects. Currently, Phoenix Mills is developing large mixed-use projects comprising retail, commercial and residential properties under the brand Phoenix Market City, in Pune, Mumbai, Bangalore and Chennai. (Business Standard)
Former Patni CEO Jeya Kumar Joins IPsoft - Patni's former CEO Jeya Kumar has joined New York-based IT outsourcing solutions provider IPsoft as its CEO for the Asia-Pacific region. Kumar, who quit Patni in May after it was acquired by iGATE, will expand IPsoft's business in several new countries across the Asia Pacific. Started 13 years ago, IPsoft has a turnover of over $700 million with 1,400 employees. (Economic Times)
