Infosys starts talks on selling Panaya
Bengaluru, June 23: Global software major Infosys initiated the process to sell its Panaya subsidiary, a top company official said on Saturday.
"We have initiated the process of discussion to sell Panaya as discussed by the board in April," CEO Salil Parekh told shareholders at the company's 37th Annual General Meeting (AGM) here.
Chief Financial Officer (CFO) M.D. Ranganath told the stakeholders that the company was following due diligence on acquisitions ahead.
"We are monitoring the acquisitions we have done and are following due diligence on acquisitions ahead," he said.
The acquisition of the US-based Panaya for $200 million in February 2015 rocked the company in 2017 after its co-founder N.R. Narayana Murthy red-flagged lack of transparency in the deal and accused the previous board of compromising on governance issues during its negotiations.
The automation technology firm was bought to offer large-scale enterprise software management as a service to the company's global clients.
The controversial deal came to light after an anonymous whistleblower alleged that the company's executives had personal interests in buying it, also resulted in the exit of its first non-promoter Chief Executive Visha Sikka in August 2017.
The company, in April, announced its decision to sell Panaya by March 2019.
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AI, AI Express look to add capacity amid IndiGo flight disruptions
New Delhi (PTI): Air India Group is looking to add capacity to help passengers impacted by the IndiGo flight disruptions.
"Since 4 December, economy class airfares on non-stop domestic flights have been proactively capped to prevent the usual demand-and-supply mechanism being applied by revenue management systems," a statement said on Saturday.
Both Air India and Air India Express have put in place caps on economy class fares.
ALSO READ: IndiGo cancels over 200 flights from Delhi, Mumbai on Saturday
The statement from Air India came hours after the government announced introduction of airfare caps amid IndiGo flight disruptions.
Air India also said it is not technically possible to cap fares for all flight permutations.
"Air India and Air India Express are seeking to add capacity to help travellers and their baggage reach their destinations as quickly as possible," the statement said.
