Shivinder Singh News
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Tata Sons Ltd. Chairman Cyrus Mistry, chasing his predecessor’s vision of boosting revenue fivefold in the next decade, is searching for a head of mergers and acquisitions, a person familiar with the plan said.
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Religare Enterprises Ltd., backed by billionaire brothers Malvinder and Shivinder Singh, led the advance in shares of companies eligible to apply for banking licenses for the first time in a decade.
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Indian billionaires including Kumar Mangalam Birla are vying to set up banks in the world’s second- most populated nation after rules were eased to allow companies into the business and tap rural savings.
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Super Religare Laboratories Ltd. , controlled by billionaire brothers Malvinder and Shivinder Singh, agreed to buy Piramal Healthcare Ltd. ’s diagnostics unit for 6 billion rupees ($129 million) to become India’s largest provider of laboratory services.
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Khazanah Nasional Bhd. , Malaysia’s sovereign wealth fund, offered S$3.5 billion ($2.6 billion) for the rest of Singapore’s Parkway Holdings Ltd. , beating Fortis Healthcare Ltd. for Asia’s biggest hospital operator.
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Parkway Holdings Ltd. , Asia’s biggest hospital operator, jumped in Singapore trading on speculation Malaysia’s sovereign wealth fund will raise its takeover offer for the company after being outbid by Fortis Healthcare Ltd.
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Fortis Healthcare Ltd. , India’s second-biggest hospital operator, offered about S$3.2 billion ($2.3 billion) for the rest of Singapore’s Parkway Holdings Ltd. , topping a partial bid by Malaysia’s sovereign wealth fund.
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The following are some of the important stories that broke overnight, and newspaper summaries in India today:
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Ajay Piramal, chairman of Piramal Healthcare Ltd., has dropped plans to sell his 85 percent stake in property fund Indiareit Fund Advisors Pvt. as he plans to invest the corpus in his real-estate business, the Economic Times reported, citing at least three people familiar with the development, which it didn’t identify.
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Piramal Healthcare Ltd. plans to spend 25 billion rupees ($560 million) on a share buyback after the Indian drugmaker sold its domestic generic-medicine business to Abbott Laboratories.
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