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Murthy to turn venture capitalist

Twenty-eight years after he started Infosys with Rs 10,000 borrowed from his wife, NR Narayana Murthy, whose personal fortune today is said to be worth around $1.8 billion, wants to start a venture fund to invest in new ideas that create value for society. In an exclusive chat with ET, the chairman and chief mentor of India’s second-largest IT firm, said there are tremendous investment opportunities beyond computers and high-tech areas. Ideas from rural areas need to be encouraged and the urban poor need the right handholding, mentoring and capital to grow. “I find youngsters want to do all kinds of things. There are people who want to create wealth by booking tickets. There are people who are creating wealth by enhancing the efficiency of production lines. There are people who are creating wealth by providing efficient, decent and cost-effective means for the corporate world. They all have great ideas,” he said. […]

IL&FS may take over Maytas Infrastructure

The board of Maytas Infra Limited met here on Friday under the chairmanship of K Ramalingam, and Anil K Agarwal, O P Vaish and Ved Jain all government-nominated directors along with Teja Raju, vice-chairman and whole-time director and B Narasimha Rao, the whole-time director, according to a company release. The board had extensive discussions on the business plan, orders in hand and under execution. More importantly, it also had discussions with bankers as well as the chairman of IL&FS Infrastructure Leasing and Financial Services (IL&FS), Ravi Parthasarathy, amid reports that it appears set to take over Maytas Infra soon. Interestingly, IL&FS owns a 37% stake in Maytas Infra. […]

SpiceJet may pick up 7.5 per cent equity in IndiGo

In a move that signals a fresh round of consolidation in the recession-hit aviation industry, budget carrier SpiceJet may pick 7.5 per cent stake in another low-cost airline IndiGo. “SpiceJet is in talks with IndiGo to purchase 7.5 per cent equity in the airline,” an industry source said on condition of anonymity, but key officials of both SpiceJet and IndiGo refused to comment on what they called rumours and market speculation. SpiceJet is also looking for a position on the IndiGo Board, the source said, adding that “they are still discussing what the price should be”. SpiceJet chief executive officer Sanjay Aggarwal said, “We do not comment on such rumours and speculations”. […]