The country's biggest lender, State Bank of India (SBI), has sought approval from the government to start negotiations for merging its five subsidiary banks and Bharatiya Mahila Bank with itself. The balance sheet of the consolidated bank will be around Rs 37 lakh crore, up from SBI's Rs 28 lakh crore. Speaking on the merger news, SBI Chairperson Arundhati Bhattacharya said that the benefits of the merger would be huge and the aim is to complete the merger in the current fiscal. The five subsidiaries up for merger are State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Travancore and State Bank of Hyderabad.
Cook Learns Indian Recipe
TIM COOK, Apple CEO . Photo: Mandar Deodhar
High-profile visits by business honchos have become the new indicator of India's surge as a big technology consumer. Latest to join the list was Apple CEO Tim Cook. Interestingly, Cook's maiden trip came after the Cupertino-based company recently reported its first decline in quarterly global sales and India emerged as the only bright spot where sales jumped 56 per cent. During his five-day trip, he met Prime Minister Narendra Modi, a host of business leaders, politicians, cricketers, bollywood celebrities and, of course, company officials, with a goal to expand the company's footprints in the world's second-largest smartphone market. He also inaugurated Apple's development centre in Hyderabad and announced a design and development accelerator in Bengalore.
Four Finalists
CYRUS MISTRY, Chairman, Tata Group
At least four companies have submitted bids for acquiring Tata Steel's loss-making UK assets, according to a report published in a business daily quoting sources close to the bidders. The list of four prospective buyers include India's biggest steel maker and Sajjan Jindal-promoted company JSW Steel; UK-based Excalibur Steel, led by Stuart Wilkie, who was earlier the head of Tata Steel's UK Strip unit; metals group Liberty House, run by Indian-born steel tycoon Sanjeev Gupta; and investment fund company Greybull Capital, which specialises in turning around troubled companies.
Cricket Icon's Global Foray
SACHIN TENDULKAR, Former cricketer and brand ambassador, Smaaash Entertainment
Sports-based virtual entertainment company, Smaaash Entertainment, is in the process of raising Rs 200 crore from private equity investors, according to a newspaper report. The company plans to use the fresh funds for its overseas expansion. In India, it plans to open new centres in Ludhiana and Chandigarh, and two in Delhi. The company currently operates five gaming arcades across the country, which offer gaming options, including taking strike against famous international cricketers like former Australian spinner Shane Warne and Pakistani fast bowlers Shoaib Akhtar and Wasim Akram.
Managing Finance
AJAY PIRAMAL, Chairman, Piramal Enterprises
Piramal Enterprises Ltd (PEL) Chairman Ajay Piramal has hinted at a merger of all his finance entities. This would create one of the biggest financial services companies in India with all Piramal's financial businesses and Shriram's finance businesses under one umbrella. "PEL is a conglomerate and, hence, may seem to be complex and difficult to understand. It's our intent to simplify the structure going forward and create focused businesses," Ajay Piramal said in a regulatory filing to the Bombay Stock Exchange.