In a formal announcement, one of the leading financial services groups of India, Religare Enterprises (REL), confirmed that it has agreed to acquire Lotus India asset management company (Lotus India AMC) from its majority shareholders - Alexandra Fund Management and Sabre Capital.

Informing the Bombay Stock Exchange of the intended proceedings, REL said that its board of directors has approved a proposal to discuss, negotiate and finalize the terms for acquiring 100 per cent or majority equity shareholding of Lotus.

Former executive of Microsoft Corp., Jeff Dossett, has been hired by Yahoo Inc. to run the Internet giant's media operations. Dossett, an accomplished mountain climber, was most recently the general manager of Microsoft's MSN. com.

Dossett joins in place of another former Microsoft alumnus, Scott Moore, whose resignation is the latest in a series of high-level departures at the company this year. He will report to report to Hilary Schneider, executive vice president of Yahoo US.