Bharti Airtel to buy Tikona's 4G business for $244 million
Telecommunications company Bharti Airtel said it would buy internet services provider Tikona Digital Networks' 4G business in a deal worth 16 billion rupees ($244.20 million).
BANGALORE Tata Consultancy Services Ltd.(TCS.NS), India's top software services provider, said it agreed to pay $29.75 million to settle a class-action law suit in the United States, brought by two former non-U.S.-citizen employees.
"The settlement is made without admitting any wrong doing by TCS," the company said in a statement to the National Stock Exchange in Mumbai on Friday. It is subject to court approvals.
The former employees had accused TCS in 2006 of forcing all non-U.S.-citizen workers to sign over their U.S. federal and state tax refund cheques to the company. Tata also deducted their Indian wages from their compensation, the suit alleged.
The case was granted class-action status in April 2012 by California federal judge Claudia Wilken. TCS had denied the allegations.
The case is Vedachalam vs Tata America International Corporation et al, U.S. District Court, Northern District of California (Oakland), No. 06-963.
(Reporting By Harichandan Arakali; Editing by Anupama Dwivedi)
BOAO, China India's top software services exporter Tata Consultancy Services will step up local hiring in the United States and has no plans to cut investments there as it continues to expect robust growth from its biggest overseas market.
MUMBAI Yes Bank Ltd, India's fifth-biggest private sector lender by assets, has launched a share sale to institutions to raise as much as $750 million, according to a deal term sheet seen by Reuters.