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India Inc: Events that shaped 2008

Source: PTI
Last updated on: December 31, 2008 18:34 IST
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The global economic downturn made 2008 an unforgettable year. It had its usual share of ups and downs for India Inc. Here's a look at some of the events that shaped the year.

Jan 10: 'Nano' is born. The world's cheapest car costing Rs 100,000 unveiled at 9th Auto Expo in Delhi by Ratan Tata.

Jan 15: India's largest IPO by Reliance Power to raise Rs 11,000 crore (Rs 110 billion) opens. The issue closed on
Jan 18 but was hammered in the market on debut. The company issued bonus shares to retain investor confidence.

Feb 8: Developer Emaar MGF Land Ltd calls off Rs 7,000 crore (Rs 70 billion) IPO following poor investor response.

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Mar 11: Real estate firm BPTP strikes India's biggest ever land deal by shelling out Rs 5,006 crore for a 95 acre commercial plot at Noida. As financial crisis deepens, the company is now facing problems paying the sum.

Mar 26: Tata Motors announces agreement with Ford Motor to acquire Jaguar Land Rover for $2.3 billion.

Apr 19: Cancer drug maker Dabur Pharma acquired by Singapore-based Fresenius Kabi for nearly Rs 1,000 crore (Rs 10 billion).

May 6: Telecom operator Bharti Airtel in talks with South Africa's MTN Group for a deal that would give it presence in 21 African and Asian countries.

May 24
: Bharti Airtel backs out from MTN deal.

May 28: Anil Ambani-run Reliance Communications begins discussions for reverse merger with MTN. Talks fail in July.

June 11: Japanese drug firm Daiichi Sankyo acquires control of Ranbaxy for over Rs 22,000 crore - essays biggest Indian pharma industry deal.

June 18: India gets first commercially available hybrid car when Honda Siel launched its Civic Hybrid priced at Rs 21.5 lakh.

June 25: Idea Cellular acquires 40.8 per cent stake in a smaller rival Spice Communications for about Rs 2700 (Rs 27 billion) crore.

June 27: Russia's Severstal outbids Essar's $1.2 billion offer for US-based Esmark.

July 11: Gurgaon-based WNS (Holdings) Ltd acquires UK insurance major Aviva's BPO business Aviva Global Services (AGS) for around USD 228 million (Rs 980 crore).

Aug 8: South Korean steel giant Posco gets approval from Supreme Court to go ahead with its Rs 51,000 crore steel project in Orissa after getting environmental clearance.

Aug 11: Low-cost airline Spicejet secures $100 million investment from Goldman Sachs and WL Ross.

Aug 21: Apple's iPhone makes India debut.

Sep 16: US Foods and Drug Administration bans 30 drugs manufactured by Ranbaxy Laboratories at its two facilities in Dewas and Poanta Sahib.

Sep 23: UAE telecom giant Emirates Telecommunications Corp (Etisalat) buys about 45 per cent of Swan Telecom for up to $900 million.

Sep 26: HCL Technologies makes a cash offer of 650 pence a share for acquiring UK-based SAP consulting firm Axon Group.

Oct 3: Tata Motors pulls out of Singur, where it planned to set up the mother plant for Nano at an investment of Rs 1,500 (Rs 15 billion) crore.

Oct 7: Tata Motors announces new Nano plant will come up at Sanand in Gujarat at an investment of Rs 2000 crore.

Oct 8: TCS acquires 96.3 per cent stake in Citigroup Global Services Ltd, the BPO outfit of the American bank, for $505 million.

Oct 13:  Jet Airways and Kingfisher Airlines form operational alliance to cut costs.

Oct 15: Jet Airways lays off 1900 of its employees in various work profiles. Two days later, company Chairman Naresh Goyal orders reinstatement of all the sacked employees.

Oct 30: Real estate major Unitech sells 60 per cent stake in telecom venture Unitech Wireless to Norway-based Telenor for Rs 6,120 crore (Rs 61.20 billion).

Nov 4:  Kolkata-based FMCG firm Emami completes acquisition of Zandu Pharmaceuticals.

Nov 12: Japan's largest mobile operator by users, NTT DoCoMo picks up 26 per cent stake in mobile and wireline operator Tata Teleservices (TTSL) for USD 2.7 billion.

Nov 21: Dabur India acquires 72.15 per cent stake in women's skin-care company Fem Care Pharma (FCPL) for Rs 203.7 crore (Rs 2.03 billion).

Dec 11: State-owned telecom operator MTNL launches third generation (3G) services.

Dec 16: India's fourth largest IT firm Satyam Computer announces acquisition of Maytas Properties and Mytas Infra for $1.6 billion dollars.

Dec 17: Satyam calls off acquisition after angry shareholders response. Since then, four of the company's independent directors have quit.

Dec 23: Country's third-largest software services provider Wipro agrees to buy Citi Technology Services Ltd from Citigroup for about $127 million.

Dec 25: World Bank says Satyam barred from doing business with it for eight years; Reliance Petroleum commissions its 580,000 barrels per day refinery ar Jamnagar.

Dec 31: Stock market benchmark Sensex closes trading for the year down 69 points at 9,647.31. It had peaked to 21,206.77 points in January.

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