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January 17, 2001
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Money > Business Headlines > Report January 17, 2001 |
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Sify shelves plans to integrate investments into Sify InnovationsNetScribes/Abhijit Basu Satyam Infoway Limited has abandoned its plans to integrate its investment operations into a new entity called Sify Innovations. "We have abandoned the project. It would have involved setting up some kind of an off-shore fund, which would not have resulted in any benefits. The decision was made some time back," said R Ramaraj, chief executive officer, Satyam Infoway Ltd. "We will continue to invest directly anyway," he added. Sify Innovations, scheduled to be set up by March 2001, was expected to explore investment options in Internet and related areas. The idea was conceived after the company raised a total of $220.9 million from its American depository receipt (ADR) offering on Nasdaq. While its initial listing in October 1999 raked in $79.2 million, its second offering in February 2000 brought in $141.7 million for the company. Sify kicked off its acquisition spree in November 1999 with the $125 million acquisition of IndiaWorld Communications Pvt Ltd Sify acquired 24.5 per cent stake in IndiaWorld for Rs 1,222 million ($28 million). It paid a deposit of Rs 513 million ($12 million) to acquire the option of buying the remaining 75.5 per cent for an additional Rs 3,254 million ($75 million), before June 30, 2000. Sify formed a $10 million joint venture with the Refco Group in March 2000 to offer online equity and futures trading for retail customers and financial services companies. While Refco holds 60 per cent equity in the new entity -- Refco-Sify, the remaining 40 per cent is held by Sify. In June 2000, Sify acquired 25 per cent stake in Cricinfo Limited, the company that runs the popular cricket portal cricinfo.com. The all-stock deal was valued at $37.5 million. The company decided to acquire San Jose-based Indiaplaza.com in July 2000. Sify acquired the company in an $8.l million all-stock deal by issuing 480,000 American depository shares (ADS). Sify also acquired a 54 per cent majority stake in e-chem.com in September 2000. E-chem.com is a business-to-business (B2B) portal for the chemical industry. Continuing on its acquisition spree, Sify acquired Formsindia.com, a portal dedicated to offering forms online. |
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