Infrastructure Leasing & Financial Services Ltd (IL&FS), which acquired Maytas Infra from the Ramalinga Raju family, has set the stage for transferring ownership of the Hyderabad-based company to the Saudi Binladin Group (SBG), a construction conglomerate run by Bakr Bin Laden, the half-brother of the world’s most wanted terrorist, Osama bin Laden.

The Reserve Bank of India is likely to revise upwards its inflation forecast for the current financial year. The RBI had expected inflation, the rate at which prices increase, at 5.5 per cent by March 2011. However, with the wholesale price index rising by 10.16 per cent for May, the central bank may have to revisit its earlier estimates.

Here is a piece of bad news for mobile operators, who want to tap the huge market for mobile ba-nking: The Reserve Bank of India does not want to delink banks from the mobile banking and wants mobile service providers to tie up with banks for offering banking services on mobile phones.

The Reserve Bank of India will continue with its calibrated exit from an expansive monetary policy despite the European crisis, governor, Dr D. Subbarao, said.
“We must do a calibrated exit from the expansionary stance that we had taken during the (global economic) crisis,” Dr Subbarao told reporters on the sidelines of a conference on banking technology.

Punjab National Bank (PNB) is looking beyond the Indian borders for growth opportunities. It is targeting 100 per cent growth in overseas revenues in the next three years, chairman and managing director, Mr K.R. Kamath said.

India on Tuesday stressed on adopting labour intensive policies to generate employment across the world.
Speaking at 99th session of the International Labour Conference in Geneva on Tuesday, the Union labour and employment minister, Mr Mallikarjun Kharge, said that global unemployment is still at record levels despite the greenshoots in the job market.

The pall of recession hanging over business schools is also clearing. Hyderabad-based Indian School of Business (ISB), one of the top business schools in India, has seen its placement scenario improve sharply over the last year.

The mining baron, Mr Gali Janardhan Reddy, got a breather from the AP high court which on Monday stayed all further proceedings on a probe ordered by the Centre into the alleged illegal mining operations of Obulapuram Mining Corporation (OMC).

US-based IT firm Intelligroup would be acqu-ired by Japanese IT firm NTT Data Corp for $199 million (Rs 924 crore).
Intelligroup is an enterprise applications systems integrator headquartered in India in Hyderabad.

Mahindra Satyam on Monday said it has sought three months more from the Company Law Board (CLB) for filing its restated accounts.
This is the second extension being sought by the scam-hit company. The restated accounts were supposed to have been filed by June 30, but the latest move will postpone the filing till September 30.