India Business Insight articles from October 2008, page 55

India Business Insight archives from October 2008

DREDGING CORPN DECLARES 150% DIVIDEND (turnover rises to Rs771.47 crore for 2007-2008).
October 1, 2008... Dredging Corporation of India has declared a dividend of 150 percent for the third time for 2007-2008, involving an outgo of Rs42 crore. This includes the interim dividend of 75 percent paid in Mar 2008. The company improved its turnover to...

GRAZIANO TRANS REOPENS PLANT (plant shut down following the demise of its CEO).
October 1, 2008... Graziano Transmissioni of Italy has announced the reopening of its facility in Greater Noida. The plant had recently been shut down following the demise of its Chief Executive Officer, Lalit Chaudhary. It is reported that about 100...

AMBUJA CEMENTS' CAPTIVE POWER (plans capacity of 200 MW by 2010).
October 1, 2008... Ambuja Cements has announced plans to invest close to Rs1,600 crore for captive power generation. The company plans to have a captive generation capacity of 200 MW from its power plants in three years by 2010.

SPECIAL ENGG TO SET UP SEATING SYSTEM PLANT IN CHENNAI (to supply seating systems for the new Mitsubishi offering).
October 1, 2008... Special Engineering Services Ltd of Kolkata, owned by the GP Birla and CK Birla groups, is planning to establish an assembly plant in Chennai for supply of seating systems for the new Mitsubishi offering from Hindustan Motors. The...

AGILENT TECH SOLUTION PROMISES BETTER STUDY OF GENOMICS (GeneSpring GX 10. is an upgrade to its bioinformatics platform).
October 1, 2008... Agilent Technologies has unveiled new tools to assist researchers and scientists working in the areas of genomics and disease studies. The new solution has been developed in association with Strand Life Sciences of Bangalore and offers fresh...

HONDA SIEL TO BEGIN COMPONENT EXPORTS (to start with exports of crankshafts and connecting rods).
October 1, 2008... Honda Siel India Ltd is set to shortly begin exports of auto components from India. The company plans to initially commence exports of crankshafts and connecting rods and would look at other products at a later stage. It plans to start with...

HYUNDAI LAUNCHES LPG VARIANT OF SANTRO (new variants will have both petrol and LPG tanks).
October 1, 2008... Hyundai Motor India has rolled a LPG variants of its Santro car at a price of Rs21,500 more than its existing petrol model. The Santro eco GL model will be available at a price of Rs3,54,294 in Delhi while the Santro eco GLS will be...

DABUR'S GULF PLANT TO START PRODUCTION BY DEC (the company has seven overseas plants).
October 1, 2008... Dabur India says that its new facility at Ras-al-Khaimah in the United Arab Emirates is set to commence production by Dec 2008. The new plant will cater to the personal care market in West Asia. The company now has seven overseas plants...

PROFITS FROM INDIAN OPERATIONS TO FALL IN 2008: BOSCH (hit by high interest rates, increased commodity prices and overall inflation).
October 1, 2008... Auto component major Bosch of Germany expects a decline in profits from its Indian operations in 2008 on account of high interest rates, increased commodity prices and overall inflation. The company had achieved a net profit of Rs609.21 crore...

JESSOP GETS EMIRATES TRADING AGENCY ORDER (order for supply of wagons to ETA Engineering).
October 1, 2008... Jessop & Co Ltd, controlled by the Ruia group, has bagged an order from the Emirates Trading Agency for supply of wagons worth Rs50 crore to its Indian arm ETA Engineering. The ailing public sector heavy engineering and Infrastructure company...

SHYAM TELE PROMISES LOWEST TARIFFS (company offering local calls at 50 paise per minute).
October 1, 2008... Shyam Telelink, the joint venture between the Shyam Group and Sistema of Russia, has launched its CDMA-based cellular services in Rajasthan. The company is offering local calls at 50 paise per minute, making it the cheapest tariff available...

IDEA SERVICES IN BIHAR, JHARKHAND (to start with an initial network of over 800 cell sites).
October 1, 2008... Idea Cellular of the Aditya Birla Group has announced the launch of its GSM mobile telephony services in Bihar and Jharkhand through its wholly owned subsidiary Aditya Birla Telecom. The company aims to cover over 16,500 towns and...

HERO MINDMINE PARTNERS WITH BCI (to strengthen its offerings in the BPO training space).
October 1, 2008... Training and consultancy firm Hero MindMine Institute Ltd has entered into an agreement with BPO Certification Institute Inc of the US to strengthen its offerings in the business process outsourcing training space. BCI offers third-party...

RCOM PLANS SEZ AT MUMBAI CAMPUS (project to focus on IT and IT-enabled services).
October 1, 2008... Reliance Communications is planning to develop part of its 132- acre campus near Mumbai into a Rs1,000-crore special economic zone. The proposed SEZ project at the Dhirubahi Ambani Knowledge City in Navi Mumbai is to be developed in the...

POLARIS TO BUY US CO IN ALL-CASH DEAL (SEEC also has a development centre in Hyderabad).
October 1, 2008... Polaris Software Lab Ltd of Chennai has entered into a definitive agreement for acquisition of SEEC Inc of the US, a provider of product and component services for the insurance vertical, in an all-cash deal for an undisclosed amount. ...

NOVATIUM OFFERS NEW SERVICE ON SUBSCRIPTION MODEL (computing applications, education and entertainment through broadband).
October 1, 2008... Novatium Solutions has rolled out a multi-operating system managed computing service called Nova Navigator that provides computing applications through a pay-per-usage subscription model. The service is delivered over a 256 kbps broadband...

PERSISTENT TO FOCUS ON DOMESTIC CLIENTELE (to leverage rapid growth of the telecom sector in India).
October 1, 2008... Persistent Systems of Pune is looking to expand its telecom clientele in the Indian market. The company generated a major portion of its revenues of $100 million in 2007-2008 from clients in Europe and the US and is now focusing on the...

YODLEE TECH ENABLES YES BANK TO OFFER NEW SERVICE (YES Bank is Yodlee's first customer in India).
October 1, 2008... The patented technology of Yodlee Technology Pvt Ltd will enable YES Bank to offer account aggregation services to its clients through its online banking portal. Customers of the bank will be able to access all their financial information,...

REALTY PORTAL UNVEILS LOCALISED DATA FOR 11 CITIES (the cities account for nearly 87 of real estate demand in India).
October 1, 2008... Real estate portal Makaan.com has launched specific homepages for 11 leading real estate markets in India - Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kolkata, Ahmedabad, Chandigarh, Pune, Jaipur and Kochi. These cities account for close...

UEI GLOBAL SCHOOL PLANS 60 TRAINING CENTRES BY 2010 (it presently operates 20 training centres in India).
October 1, 2008... UEI Global School of Service Management, an educational venture promoted by Berggruen Holdings of the US, is planning to set up 60 training centres across India by 2010. The company presently operates 20 training centres in the country, with...

MAHINDRA LIFESPACES LOOKS AT FORAY INTO 'VALUE HOMES' SEGMENT (to start its first project in this segment at Gurgaon).
October 1, 2008... Mahindra Lifespaces, the real estate arm of the Mahindra Group is looking to enter the affordable homes segment. The company plans to start its first project in this segment at Gurgaon, where it has 19.5 acres of land. The company presently...

HARVARD BUSINESS SCHOOL TO OFFER SHORT-TERM PROGRAMME (the programme will be held at Mumbai in Jan 2009).
October 1, 2008... Harvard Business School is set to launch the second session of its Building a Global Enterprise in India executive programme. The short-term programme will be held at Mumbai in Jan 2009 and aims at addressing the global downturn and its...

Q2 ADVANCE TAX PAYMENTS RISE 33% (advance tax payment by corporations increases by about 20%).
October 1, 2008... Advance tax payments in the second quarter (Q2) of 2008-2009 increased by 33 percent to Rs45,000 crore. Advance tax payment by corporations increased by about 20 percent, while the advance tax payment by individuals declined by 25 percent....

RIL TO SELL KG OIL AT $5 DISCOUNT TO BRENT (will produce about 35,000 barrels of crude oil per day from the field at peak rate).
October 1, 2008... Reliance Industries Ltd (RIL) will sell its Krishna-Godavari (KG) basin oil at a discount of about $5 per barrel to Brent crude oil, the global benchmark. Brent crude oil, is at present, trading at about $100-105 per barrel. RIL will produce...

METSO, WARTSILA INK RENEWABLE ENERGY JV (to provide renewable energy solutions).
October 1, 2008... Metso and Wartsila have signed a contract to form a joint venture to provide renewable energy solutions. The solutions will be in the form of small and medium scale power and heating plants. The joint venture will be formed by Metso's heat...

BEL CHARTS Rs570-CRORE CAPEX PLAN (to modernise its manufacturing plants).
October 1, 2008... Bharat Electronics Ltd (BEL) has planned a capital expenditure of Rs570 crore in the next two years to modernise its manufacturing plants across India. The company will spend Rs260 crore in 2008- 2009 and Rs360 crore in 2009-2010. The company...

RCOM SLOTS Rs30K CRORE FOR EXPANSION (is expected to increase the company's subscriber base to 100 million by 2010).
October 1, 2008... Reliance Communications (RCom) has earmarked Rs30,000 crore for capital expansion in 2008-2009. The investment is expected to increase the company's subscriber base to 100 million by 2010 from the existing 60 million. The company, which added...

SATYAM BETS BIG ON SPORTING EVENTS (has signed up as a sponsor and official IT provider for the 2010 and 2014 FIFA World Cup).
October 1, 2008... Satyam Computer Services plans to sign up for more sporting events. The company has signed a multi-million dollar World Cup agreement with Federation Internationale de Football Association (FIFA). The company expects to register...

SHAYAM-SISTEMA TO PUMP MORE INTO TELECOM SPACE (plans to invest over $1.5 billion in the Indian telecom sector over the next one year).
October 1, 2008... Sistema of Russia plans to invest over $1.5 billion in the Indian telecom sector over the next one year. The company, through its joint venture Shyam Telelink (STL), has launched CDMA mobile services in Rajasthan under the brand name Rainbow....

KUONI TRAVEL TO PROMOTE MAHARASHTRA TOURISM (will market 10-15 tourist destinations including heritage sites).
October 1, 2008... Kuoni Travel Group, a subsidiary of Kuoni Travel Holding of Switzerland, has signed an agreement with the Government of Maharashtra to promote select tourism destinations in the State. As per the agreement signed with the Maharashtra Tourism...

HAIER ANNOUNCES FESTIVAL PACKAGE (offer starts from 1 Oct 2008 and ends on 31 Oct 2008).
October 1, 2008... Haier Appliances India has announced a mega festival promotional package, the Haier 6000 Guaranteed Offer, for the festive season. During the period, the customer is entitled to a scratch card on purchase of any Haier product. On scratching...

PARLE AGRO TO ENTER PURE JUICE MARKET (will launch a new brand in Oct 2008).
October 1, 2008... Parle Agro plans to foray into the 100 percent fruit juice market. The company will launch a new brand in Oct 2008. The preservative-free fruit juice will be launched in Ludhiana. The range will include orange and apple juices....

INDIA INC TO PAY MORE AS LIBOR TOUCHES NEW PACK (is likely to increase the Libor on loans of three months and six months tenure).
October 1, 2008... Indian companies will have to pay higher interest rate on their exiting foreign exchange currency loans following the increase in London inter-bank offered rate (Libor) to 6.88 percent. This is likely to increase the Libor on loans of three...

GOVERNMENT CUTS ONION EXPORT PRICE BY $20 TO $235 (is aimed at increasing exports and counters the declining domestic prices).
October 1, 2008... The Government of India has reduced the minimum export price (MEP) of onion by $20 to $235 a tonne with effect from 1 Oct 2008. The move is aimed at increasing exports and check the declining domestic prices. Onion price in Nasik has...

GIC TO BEGIN REINSURANCE BIZ IN BRAZIL (will operate as an occasional reinsurer from Nov 2008).
October 1, 2008... General Insurance Corporation (GIC) will commence its reinsurance business in Brazil. The company will operate as an occasional reinsurer from Nov 2008. The company also plans to foray into Algeria over the next 12 months.

IL&FS, E*TRADE SELL ARM STAKES TO HSBC (HSCI will hold 50.01% stake in IL&FS Investsmart).
October 1, 2008... IL&FS and E*Trade have sold 29.35 percent and 43.85 percent stake respectively in IL&FS Investsmart to HSBC Securities & Capital Markets (HSCI) and HSBC Violet Investments (Mauritius). HSCI will hold 50.01 percent stake in IL&FS Investsmart,...

ICICI PRU LIFE GETS 'AAA(IND)' RATING (rating reflects the ongoing operational and capital support).
October 1, 2008... ICICI Prudential Life Insurance's national Insurer Financial Strength has been rated at AAA(ind) with stable outlook by Fitch Ratings. The rating reflects the ongoing operational and capital support received from its shareholders,...

ICICI BANK HAS SUFFICIENT LIQUIDITY, SAYS RBI (the RBI is monitoring the situation).
October 1, 2008... The Reserve Bank of India (RBI) has reported that ICICI Bank has sufficient liquidity. The central bank is monitoring the situation and has arranged to provide adequate cash to ICICI Bank. Depositors of ICICI Bank had started withdrawing...

INSURANCE COVER FOR MF PRODUCTS (the IRDA had asked the Life Insurance Council not to discontinue the cover).
October 1, 2008... The Life Insurance Council has decided to continue the group insurance cover on mutual fund (MF) products. The Insurance Regulatory and Development Authority had asked the council not to discontinue the cover. The council had earlier...

SUNDARAM FINANCE HIKES DEPOSIT RATES (the company has a deposit base of Rs800 crore).
October 1, 2008... Sundaram Finance Ltd has increased the interest rates on fixed and cumulative deposits by 0.5 percent from 1 Oct 2008. The company will pay an interest of 10.50 percent on deposits of 12 months and 11 percent on deposits of two years and...

SBH HIKES TERM DEPOSIT RATES (with effect from 1 Oct 2008).
October 1, 2008... State Bank of Hyderabad (SBH) has increased the interest rates on term deposits with effect from 1 Oct 2008. The bank has increased the rate for deposits of 180 days to less than one year to 10.25 percent (from nine percent) for up to Rs15...

HIGH COST OF OIL WIDENS CURRENT ACCOUNT DEFICIT (growth in invisibles transactions has offset the negative balance of trade).
October 1, 2008... The current account deficit of India has widened in Apr-Jun 2008 due to the high cost of oil. The country imports nearly 70 percent of its oil requirements. Average price of oil was at $118 a barrel in Apr-Jun 2008. Exports from the country...

TATA CAPITAL PICKS 20 PERCENT IN IARC (the company intends to launch its private equity fund).
October 1, 2008... Tata Capital Ltd has acquired a stake of 20 percent in International Asset Reconstruction Company Private Ltd (IARC). IARC is in the process of raising a paid-up capital of Rs100 crore. Tata Capital intends to launch its private equity...

HDFC BANK LAUNCHES PROJECT JHARKHAND (the bank intends to cover over 45 lakh households in the State).
October 1, 2008... HDFC Bank has launched its information technology-enabled scheme, Project Jharkhand. The bank has set up its Common Service Centre (CSC) in Kanke covering 1.5 lakh households. HDFC Bank intends to cover over 45 lakh households in the State...

FRANCE BOX SHIP COMPANY'S NEW SERVICE TO CALL AT CHENNAI PORT (the service will connect Australia directly with Europe).
October 1, 2008... CMA CGM of France has launched its North Europe Mediterranean and Oceania (NEMO) service to Chennai port. The NEMO service will connect Australia directly with Europe via Suez. The container company will operate the NEMO service in...

PARAMOUNT TO BUY OVER 30 EMBRAER AIRCRAFT BY 2011 (the airline is also planning to acquire large-bodied aircraft).
October 1, 2008... Paramount Airways intends to buy 30 Embraer aircraft by 2011 at a cost of $1.35 billion. The airline is operating seven Embraer aircraft and expects to receive two more aircraft by Dec 2008. Paramount intends to finance the acquisition...

CARTOON NETWORKS BAGS LICENSING RIGHTS FOR DRONA (the company intends to launch the merchandise in three categories).
October 1, 2008... Cartoon Networks Enterprises (CNE) has bagged exclusive licensing rights for the Hindi film, Drona, from Eros International. The company had entered into the merchandise business with Hindi films, Boothnath and Love Story 2050. CNE...

BRAND BRITANNIA AD CAMPAIGN (BIL is not planning to induct any celebrity).
October 1, 2008... Britannia Industries Ltd (BIL) intends to launch a new advertising campaign, Brand Britannia, on 3 Oct 2008. The company had been building pillar brands like Tiger, Good Day, Marie Gold and Treat. BIL intends to build the identity of...

UNDER ASCI SCANNER, HUL WITHDRAWS THREE TV COMMERCIALS (the council is of the view that the company has made unsubstantiated claims).
October 1, 2008... Hindustan Unilever Ltd (HUL) has withdrawn three television commercials (TVCs) after the Advertising Standards Council of India (ASCI) published its report for Apr-Jun 2008. The company has withdrawn its TVCs for Lux, Fair & Lovely and Red...

SAMSUNG FORAYS INTO SYSTEM AIR-CONDITIONER BUSINESS (the DVM Plus III system is expected to give the highest co- efficient of performance).
October 1, 2008... Samsung India has launched its DVM Plus III System Air- conditioner (AC) range in India. The DVM Plus III is available in combination of 8HP, 10HP, 12HP, 14HP and 16HP modules. The DVM Plus III is expected to give the highest co-efficient...

CITIZEN TO INVEST Rs20 CRORE FOR RETAIL EXPANSION (the company intends to set up five more franchisee outlets in 2008-2009).
October 1, 2008... Citizen Watches intends to invest Rs20 crore to expand its retail network in 2008-2009. The company has 38 exclusive outlets and sells its products in 250 multi-brand outlets. Citizen intends to set up five more franchisee outlets in...

OIL PRODUCT SALES IN AUGUST UP 3.6% (crude oil imports into India have gone up by 10.3 percent in Aug 2008).
October 1, 2008... Sales of oil products in India have increased by 3.6 percent at 9.95 million tonnes in Aug 2008. Sales of diesel have gone up by 9.4 percent at 3.63 million tonnes. Sales of petrol have gone up by eight percent at 8.92 lakh tonnes. ...

RAILWAY PRODUCTION UNITS MEET TARGET (ICF has missed the target marginally).
October 1, 2008... Most production units of Indian Railways have met the targets for Apr-Aug 2008. Chittaranjan Locomotive Works has achieved the target of 66 electric locomotives. Diesel Locomotive Works has produced 102 diesel locomotives (target of 100...

MECHANISM TO CHECK TAX EVASION (the Finance Ministry has introduced an annual installed capacity statement).
October 1, 2008... The Government of India has instituted a new mechanism to check tax evasion. The Finance Ministry has introduced an annual installed capacity statement, ER-7, for all manufacturers. The assessees are expected to file ER-7 for a...

ISRO, ASTRIUM PACT TO FLY FRENCH SATELLITES ON PSLVs (Astrium will build EO satellites for international customers).
October 1, 2008... Antrix Corporation has signed an agreement with Astrium of France to launch satellites on PSLV rockets of Indian Space Research Organisation (ISRO). Antrix is the commercial subsidiary of ISRO. Astrium will build EO satellites for...

OIL COMPANIES CUT AVIATION FUEL PRICES BY 5.42%; FARES UNLIKELY TO COME DOWN (Jet Airways and Kingfisher have announced increase in fares from 1 Oct 2008).
October 1, 2008... Oil marketing companies in India have reduced the prices of aviation turbine fuel (ATF) by 5.42 percent on 30 Sep 2008. Indian airlines are not planning to bring down the surcharge or basic fares. The price of ATF has declined to Rs58.48 a...

TOBACCO EXPORT IN APRIL-AUGUST RISES (the exports have gone up to one lakh tonnes).
October 1, 2008... Exports of tobacco from India have increased by 25.30 percent at one lakh tonnes for Apr-Aug 2008 (81,110 tonnes for Apr-Aug 2007). Total exports have gone up by 64 percent to Rs1,281 crore. Overseas sales of tobacco leaf have gone up to...

GUAR GUM EXPORTS MAY DROP ON ECONOMIC SLOWDOWN (European Union, the US and China are expected to reduce imports).
October 1, 2008... Exports of guar gum from India are likely to decline due to the economic slowdown. European Union, the US and China are expected to reduce imports from India. India had exported 2.15 lakh tonnes of guar gum in 2007-2008. The gum is used as a...

RECORD SOYABEAN OUTPUT SEEN (India is likely to produce 108.17 lakh tonnes in 2008).
October 1, 2008... Soyabean production in India is expected to go up to a record of 108.17 lakh tonnes (lt) in 2008 (94.75 lt in 2007). Area under soyabean has increased by eight percent to 96.24 lakh hectares till 24 Sep 2008. Madhya Pradesh is likely to...

FEDERAL BANK KEEN TO RAISE CSB STAKE (the bank has acquired a stake of 4.99 percent in CSB).
October 1, 2008... Federal Bank intends to raise its stake in Catholic Syrian Bank (CSB). The bank has acquired a stake of 4.99 percent in CSB from a non-resident Indian. CSB has announced a growth of 92 percent in net profit at Rs36.56 crore for 2007-2008. ...

RMONEY GETS MERCHANT BANKING PERMIT (the company intends to focus on small and mid-sized segment).
October 1, 2008... Reliance Money (RMoney) has received the Category-I Merchant Banking licence from the Securities and Exchange Board of India. The company is planning to provide investment banking services like issue management, underwriting, private equity...

NESTLE INDIA LTD (has received the sanction for scheme of arrangement).
October 1, 2008... Nestle India Ltd has received the sanction for its scheme of arrangement from the High Court of Judicature at Delhi. The company intends to reduce Rs43.24 crore lying in the share premium account for payment to the shareholders. Nestle...

KERALA GOVERNMENT LAUNCHES HEALTH SCHEME (the Government has set aside Rs65 crore for the mission).
October 1, 2008... The Government of Kerala has launched a programme, Kerala Social Security Mission, for the treatment of children suffering from cancer. The Government has set aside Rs65 crore for the mission. The programme will also rehabilitate the...

UAE EXCHANGE BRANCH (the exchange has opened its 207th branch at Chalakkudy).
October 1, 2008... UAE Exchange has opened its 207th branch at Chalakkudy in Kerala on 30 Sep 2008. The branch is expected to provide services to customers through fully computerised facilities. UAE Exchange intends to convert all its branches into one-stop...

SUNIL MANTRI LINES UP PROJECTS FOR BANGALORE (the company intends to develop townships in tier-II and III cities).
October 1, 2008... Sunil Mantri Realty Ltd is planning to implement nearly eight projects in Bangalore by the end of 2009 with an investment of Rs350-400 crore. The company intends to invest Rs2,500 crore in Karnataka in the next two years. Sunil Mantri is...

SMALL SAVINGS FUNDS INFLOW UP BY 4,211% OF FISCAL TARGET (touches Rs2,243.12 crore by 31 Aug 2008).
October 1, 2008... Deposits into the National Small Savings Fund (NSSF) rose 4,211 percent of the fiscal target for 2008-2009 to touch Rs2,243.12 crore by 31 Aug 2008. The Ministry of Finance, Government of India, was expecting deposits worth Rs53.27 crore into...

DOF GOES FOR STRATEGIC BUYING TO HEDGE PRICES (to reduce the fertiliser subsidy bill, estimated at Rs1,25,000, for 2008-2009).
October 1, 2008... The Department of Fertilisers, Government of India, has decided to buy fertilisers from the global market strategically rather than restoring to panic buying. The decision has been taken to reduce the fertiliser subsidy bill, estimated at...

OIL PSUs JOIN FORCES TO TAP E&P SECTOR ABROAD (PSUs are present in over 22 countries and have invested Rs32,000 crore in 80 blocks).
October 1, 2008... India's public sector undertaking (PSU) oil companies are planning to jointly adopt a synergistic approach in acquiring equity abroad. The companies include Oil & Natural Gas Corporation Ltd (ONGC), Bharat Petroleum Corporation Ltd...

AMBUJA EMPLOYS NEW TECHNOLOGY AT ROPAR PLANT (to reduce carbon dioxide emissions from coal and biomass fired captive power plant).
October 1, 2008... Ambuja Cements Ltd (ACL), a top producer of cement, has developed a new technology to reduce carbon dioxide emissions from coal and biomass-fired captive power plant at Ropar in Punjab. ACL intends to use the technology across its other...

SPS GROUP SETS UP STEEL PLANT IN HIMACHAL (with a production capacity of 0.3 million tonnes billets per annum).
October 1, 2008... SPS Steel & Power Ltd (SSPL) has set up a steel plant at the mini industrial growth Centre at Gwalthai in Himachal Pradesh at a cost of Rs125 crore. SSPL is a division of the SPS Group of Kolkata. The new plant has a production capacity...

MINDTREE, HP COE (to build new testing frameworks and also impart training to test engineers).
October 1, 2008... MindTree Ltd (MindTree), a software and research and development (R&D) services provider, will establish a testing centre of excellence (COE) in association with Hewlett Packard (HP). The COE is being set up to build new testing...

LANCO GETS LoI FOR VIZHINJAM PROJECT (costing Rs8,300 crore on 30 Sep 2008).
October 1, 2008... The Government of Kerala has awarded the Vizhinjam International Transhipment Terminal Port Project (VITTPP) to a consortium of the Lanco group of Hyderabad and Pembinan Redzal Sdn Bhd of Malaysia. The consortium was given the letter of...

CITY ANNOUNCES Rs250 CRORE INVESTMENT (to set up a sports and education centre).
October 1, 2008... City Corporation Ltd (CCL) has announced that it will invest Rs250 crore to set up a sports and education centre. The centre will be set up in CCL's Amanora Park Town project on 30 acres of land in Pune. The project is an integrated township...

INDIGO FLYS NON-STOP (from Pune in Maharashtra to Ahmedabad in Gujarat).
October 1, 2008... IndiGo has started non-stop daily flights from Pune in Maharashtra to Ahmedabad in Gujarat from 1 Oct 2008. The airline has also started additional flights from Pune to Kolkata via Ahmedabad. IndiGo now connects 17 destinations across India.

PDL LAUNCHES GROUP HOUSING PROJECT (of over 11,000 square metres with built-up area of 1,23,000 square feet).
October 1, 2008... Parsvnath Developers Ltd (PDL) has started work on a group housing project at Pune in Maharashtra. The project, Parvnath Pratishtha, is located at Pimpri-Chinchwad, near Pune, on the Pune-Mumbai highway. The project will be spread over...

HSBC ACQUIRES 93.86% STAKE IN INVESTSMART (at a cost of Rs1,311 crore).
October 1, 2008... HSBC has increased its total shareholding in IL&FS Investsmart, an Indian brokerage firm, to 93.86 percent at a cost of Rs1,311 crore. HSBC had acquired 73.21 percent stake in Investsmart in May 2008. The acquisition included 43.85...

SHYAM TELE CDMA OPS LAUNCH (in Rajasthan under the brand name, Rainbow).
October 1, 2008... Shyam Telelink Limited (STL) has launched its CDMA mobile service in Rajasthan under the brand name Rainbow. STL is a joint venture between the Shyam Group and Sistema SSA of Russia. STL has an all- India CDMA licence and spectrum. The...

IMEDIA TO INVEST IN COMPACT DISC (and acquire 15 percent stake).
October 1, 2008... iMedia Ventures, a content developer, is planning to invest $10 million in Compact Disc India (CDI) and acquire 15 percent stake. CDI is an integrated media and entertainment company. CDI intends to use the investment for its various...

SAMOSAS IN EUROPE, VIA THAILAND (to overcome strict quality norms for exporting Indian meat and dairy products).
October 1, 2008... United Pizza Restaurants Private Ltd (UPRPL) of India has tied up with a company in Thailand to manufacture Indian fast food items. UPRPL operates the US Pizza chain in India. UPRPL is aiming to export Indian fast-food items to Europe through...