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Business Houses Eye Stake In Living Media – Leading business houses, including the Aditya Birla Group, are looking at acquiring 26 per cent stake in the Aroon Purie-controlled Living Media India. Living Media acts as a holding company and owns 57.1 per cent in TV Today Network, the listed company that owns the group’s broadcasting assets, besides publishing a host of magazines that include the flagship India Today. The other names doing the rounds for picking a stake in Living Media are Mahindra Mahindra and the Kolkata-based RP-Sanjiv Goenka group. (Business Standard)

Indecomm On Block For $250M – Back-office firm Indecomm Global Services, founded by a former Unilever top gun, has initiated a sale process with the 10-year-old company valued at about $250 million. Private equity investors WestBridge Capital, Tiger Global and promoter investor Naresh Ponnapa have mandated JP Morgan Chase to find buyers for the outsourcing firm, which has had discussions with IBM, Accenture and Cognizant Technology Services. (Times of India)

iGate To Delist Patni At Rs 520 Per Share – IGate Corporation will pay Rs 520 for every share of Patni Computer Systems to de-list the information technology service firm from Indian stock exchanges. The Fremont, California-headquartered iGate, will spend $272 million for the same. In January last year, along with private equity firm Apax Partners, iGate acquired majority ownership in Patni at about Rs 503 per share. (Economic Times)

Thomas Cook Pegs India Arm At Rs 1,716Cr – Leading travel company Thomas Cook is learnt to have put a price of Rs 1,716 crore on the 77.1 per stake it holds in the India business. It has pegged the asking price at Rs 105 a share, in a bid to cut the mounting debt of its UK-based parent company. London-headquartered foreign exchange company Travelex had emerged as the leading bidder, offering a price between Rs 90 and Rs 95 a share. (Business Standard)

BoA-ML Lets Go 32 Employees – Bank of America-Merrill Lynch (BofA-ML) has asked more than two dozen employees at its wealth management unit to leave as the stock market slowdown worsens and the economy continues to be sluggish. Merrill is the biggest wealth management unit in India managing assets worth 25,000 crore and employing about 160 wealth advisors. (Economic Times)

Mirae Relooks India MF Business – The Korean financial services group Mirae is taking a hard look at its mutual fund business in India. Choppy markets, sluggish business environment and Fidelity’s exit from asset management have contributed to Mirae’s bearish view on India. Despite some improvement in Mirae India’s performance and growth in assets under management, the Korean sponsors are pushing the local management of the fund house to slash costs. (Economic Times)

Sony Buys 30% In MAA TV – Hyderabad-based MAA Television Network Ltd and Sony Pictures Television have entered into a strategic alliance to give a growth thrust to MAA TV and its network of Telugu television channels. Sony Pictures or any of its affiliates will acquire 30 per cent equity stake in MAA TV on signing a definitive agreement. (Business Standard)

Dhanlaxmi Bank To Raise Rs 400Cr – Dhanlaxmi Bank is planning to raise 400 crore through issue of subordinate debt and equity capital in fiscal 2012-13. The Thrissur, Kerala-based bank, which has cut staff salary by up to 40%, is planning to rationalise manpower, prune extra space in branches and offices, and focus on high-yielding businesses such as gold loans in an attempt to cut costs and boost financials. (Economic Times)

Loop Telecom To Shut Ops Outside Mumbai – Loop Telecom, whose mobile phone permits were cancelled by the Supreme Court, has decided to shut down operations across the country except Mumbai. It becomes the third mobile phone operator, after Etisalat DB and S Tel, to wind up operations following the Supreme Court’s February 2 directive which cancelled all 122 mobile permits issued by former telecom minister A Raja. (Economic Times)