BoB’s CMD is new IBA deputy chairman
MUMBAI: Bank of Baroda chairman and ‘ managing director A.K. Khandelwal has been elected as deputy chairman of Indian Banks’ Association (IBA). Mr. Khandelwal will succeed SC Gupta, who retired as chairman of Punjab National Bank on attaining super-annuation.
K C Chakrabarti is PNB chairman MUMBAI: KC Chakrabarti is the new chairman of Punjab National Bank. Four other CMU appointments cleared by the ministry of finance are—T.S Narayansami for Bank of India, Alok Mishra for Oriental Bank of India, M S Sundara Rajan for Indian Bank and S A Bhatt for Indian Overseas Bank.
Mallya Books 26% in Air Oeccan for 550 cr THE king of good times, Vijay Mallya, appears to be interested in low-brow stuff as long as it makes business sense. He has struck a deal to pick up 26% in a preferential allotment by Air Deccan, which clearly gives him an opportunity to gain management control over the company that pioneered low-cost flying in the country. The deal comes at a cost of Rs 550 crore (Rs 155 per share in the company) and will require him to make an open offer to pick up another20% stake. Mr. Mallya's UB Holdings, which made
Rising rupee scare apparel sector: AEPC Fears of a negative growth haunt the country's apparel sector as the surging rupee has affected the sector's exports adversely. The industry has witnessed a dramatic decline in its growth from 30% in 2005-06 to around 7-8% in FY 07, according to Apparel Export Promotion Council's (AEPC) chairman, Vijay Agarwal.
DLF ties up with US co for selling life insurance products CHENNAI: Real estate major DLF has entered into an agreement with US-based Prudential Insurance to set up a joint venture company to sell life insurance products in India. The company, which would be coming up with one of the country's largest IPO to net Rs 9,625 crore, in its red herring prospectus, said it was exploring various business opportunities, including hospital properties, AS Minocha, chairman of DLF Commercial Developers, a group company, told reporters here on Monday. He said the company had got the Centre's approval for setting up five
Tata Motors to focus on alternative fuels NEW DELHI: Tata Sons chairman Ratan Tata, who chaired the Steering Committee of National Hydrogen Energy Board, said on Monday that Tata Motors is partnering in a big way to develop alternative fuels in the country. He said that even though the technology remained elusive and posed problems in generating, storing and delivery but the "challenges are not insurmountable". Mr. Tata said that India has the strength, both technical and scientific to play a role among the developed countries. "We use vehicles run on bio-fuel for our employees in our campuses. We are
United Bank of India, on a hiring spree UNITED Bank of India (UBI) is on a hiring spree. The Kolkata-based public sector bank has decided to recruit nearly 100 probationary officers (PO) soon. The bank has just recently completed hiring over 70 specialised officers through its first ever campus recruitment. The bank has also embarked upon a career progression plan to counter its ageing employee pool. "There was no recruitment in the bank for quite sometime. The age profile of our employees is also on the higher side. So, we have decided to infuse fresh blood," UBI chairman and managing director PK
Indians eager for Wal-Mart entry: Duke Company Vice-Chairman Michael Duke Sees Increasing Support from Both Govt & Businesses WAL-MART, the world's largest company, says that it sees a groundswell of support for its plans to enter India. Michael Duke, Wal-Mart's vice-chairman, said that businesses in India are eager for the Bentonville, Arkansas based retail behemoth to start its operations in the country. “We see a gigantic groundswell of desire from the government and from businesses for working with us in India. There is opposition but predominantly the groundswell is in support for Wal-Mart coming in," Mr Duke told media persons. He was
Manufacturers betting big on slim CRT TV The focus is back on the cathode ray picture tube (CRT) in the television manufacturing segment. Manufacturers are now betting big on an emerging segment known in TV circles as the "slim" CRT TV version. The CRT category is of three types: curved, flat and slim. Production had initially started off with the curved version years back. In the last eight years, the preference in the marketplace has shifted from the curved to the flat picture tubes, hi the last one year or so, technology improvements have led to the emergence of the slim
Sona Group co to spend Rs 100 cr to up capacity SONA Group company, Sona Okegawa Precisions Forgings, on Thursday announced its plans to invest Rs 100 crore on capacity expansion. The company is also scoutingf or acquisition over the next three years to further enhance capacity. "In the next one year, we would take our forged gears capacity to 20 million units from the current 9 million units," said Sona Group chairman & managing director Surinder Kapur. For this, the company is setting up a tool and die plant in Haryana with an investment of Rs 20 crore. The company has
Grooming for Premji Junior begins, Rishad joins Wipro THE succession plan at Wipro, the third largest software services exporter from India, seems to be well laid out with the owner's son coming into the company, though for now, as an employee. Rishad Premji, the elder son of Azim Premji, chairman Wipro, will be joining the company in July putting an end to long-term speculation on to whom Premji Sr. would pass on the baton. "Rishad Premji is going to join Wipro at a level commensurate with his background and experience. His joining has been approved by the Board and is subject to
HCL to jostle with PE duo for Cambridge Promoters Seeking Exit Price Of Rs 160 Per Share THE final line-up of suitors for the $420-million acquisition of Cambridge Solutions— among the biggest In the Indian tech space— has HCL Technologies pitched against buyout private equity giants Carlyle and Permira. ET had first reported the names of Carlyle and HCL. But the entry of Primera, the largest European buyout fund, appears to be recent, say sources. If it retains interest, this could be Permira's first India play. The company, which mopped up about $ 12 billion last year, has battled US buyout funds Blackstone
ONGC to swap block stakes with Petrobras BRAZIL'S Petrobras and ONGC have agreed to swap stakes in exploration blocks. To begin with, Petrobras has offered 25-30% stake in three blocks to ONGC in return for a share in three blocks at Mahanadi, Krish-na-Godavari (KG) and Cauvery basins. According to sources, Petrobras has offered 25-30% stake in Barrierin-has, Sergipe- Alagoas, and Santos basins. In return, ONGC has expressed its willingness to give between 15% and 40% stake in its three deep-water blocks. ONGC in a statement said it has reached an agreement with Petrobras 'on swapping of interests in offshore blocks'. It, however, did not
Tatas, 27 SEZs get nod; Reliance's still on hold THE government on Thursday deferred a decision on the RIL-promoted Navi Mumbai multi-product special economic zone (SEZ) and asked the Maharashtra government to submit a report on the objections raised by the revenue department. The revenue department had, in its report, pointed out that the proposed SEZ could create problems for the residents of the five villages that fall in the zone. The board of approvals (BoA) on SEZs, which met on Thursday, approved 28 proposals, including the long-pending Tata's Gopalpur SEZ in Orissa. Of the 28 proposals, formal approvals were granted to
Bhilwara Energy may sell 20% to PEs for Rs 250 cr BHILWARA Energy (BEL), part of the Rs 2,400-crore LNJ Bhilwara Group, is in talks with US -based private equity investors Wachovia Capital Partners and Jacob Bailas to raise Rs 250 crore by diluting 15-20% equity in the company. LNJ Bhilwara Group chairman Ravi Jhunjhunwala declined to name the investors but conceded that PE funds were interested in his company. "We are still in discussions with investors. At this stage, I cannot name them," he said. BEL has been in talks with investors for over six months to raise money. Sources said
BG-ONGC tie-up for KG basin may get nod BRITISH Gas' strategic tie-up with ONGC for the Krishna-Godavari deepwater blocks may get a new lease of life. British Gas had won the blocks through a bidding process, but the oil ministry had rejected the award on grounds of 'valuation and other inconsistencies'. The ministry is now examining the option of giving British Gas a chance to match the highest offer for the KG deepwater blocks when they are again put up for bidding under Nelp-VH. The case has been of special interest following diplomatic pressure at the highest level and a recent letter