Sparsh BPO Services, the leading provider of Business Process Outsourcing (BPO) services in the Indian market, has announced the launch of its second delivery centre in Bangalore.
The company claims that newly revealed facility, having seating capacity of 450 persons, will further flourishes Sparsh's presence in the city. The new facility will provide proximity to key customers in the southern region.
The centre will provide multi-lingual services in English, Tamil, Kannada, Malayalam and Telegu across a range of verticals to deliver contact center management including customer support services, collections and sales.
Samsung Electronics, the Korea-based consumer electronics company, is planning to invest $5 million at its India manufacturing facility, by the end of current fiscal.
The proposed investment will be above the $24-million which the company has already spent at its Noida facility.
According to sources, the bulk of the investment will go into mobile moulds required for cellphones of different sizes.
It should be noted that the company manufactures about a million mobile phones per month at its Noida facility which are exported to South-east Asia, SAARC and West Asian countries.
Dish TV, a leading Subhash Chandra-promoted DTH company, has announced that it envisages to pump Rs 16 billion in next two years with the aim to expand its distributorship network and product portfolio.
According to sources, the conglomerate plans to enhance annual revenue by almost 65% this fiscal in order to achieve a turnover of Rs 12.50 billion.
In a separate release, the company has informed that it would be undertaking a campaign to increase its distribution network, besides adding more than 200 channels to its existing portfolio of 240 channels.
Kishore Biyani-led Pantaloon Retail India (PRIL) plans to spend close to Rs 250 crore in the next year-and-half for building 10 Central malls in the country.
The company authorities said that the new malls will add another 1.5-1.7 million sq ft to company's existing retail space of 14 million sq ft.
In a separate release, the company has informed that it proposes to expand Central mall further into some of the country's other consumption centres such as Ahmedabad, Bangalore, Vizag, Raipur and Jaipur.
Luxury car maker Mercedes-Benz has decided to invest about Rs 150 crore in its manufacturing plant at Pune, while a similar amount will be spent along with its dealers for upgrading and increasing its retail network in the country.
It should be noted that the company has already spent about Rs 250 crore on the manufacturing plant where its passenger cars, trucks and bus are assembled.
The Indian arm of Japan-based Astellas Pharma Inc. has revealed its plan and commitment to enter the Indian market.
Astellas Pharma India Private Limited aims to establish business with a capitalization of around JPY (Japanese Yen) 32 crore in the Indian market, through developing sales and marketing activities of in-house products.
Astellas plans to first introduce its flagship product 'Prograf' in the domestic market. The drug is used in prevention and treatment of organ rejection after liver and kidney transplants.
New-Delhi-based Surya Roshni has decided to spend Rs 550 crore on capacity expansion, with an aim to become the largest lighting solution provider in the country.
Out of the total proposed investment, the company will invest Rs 100 crore in expanding its lighting business and Rs 400 crore for setting up steel pipe manufacturing plant. In addition, the company will invest another Rs 50 crore on modernizing its existing units.
Bharat Biotech International Ltd (BBIL), the largest manufacturer of Hepatitis-B vaccines, is presently in the process of setting up Rs 100-crore unit near Bangalore that will manufacture 100 million doses of animal vaccines.
The new unit is expected to be commissioned in two months, which will have a production capacity of 100 million doses of vaccine for cattle and other animals.
According to the sources, the main product of the new venture will be called as BIO-VET International Limited, which would be a vaccine for the foot and mouth disease prevalent among cattle.
Zudaas France, a premier international apparel brand for kids, has plans to open 250 outlets across India by this fiscal.
The company believes that this is the best time to expand its retail network as real estate prices are down and the estimated Rs 12,000-crore Indian kidswear market is growing annually at 15 per cent.
At present, the company operates 57 exclusive brand outlets in states including Chandigarh, Punjab, Haryana, Uttar Pradesh, Rajasthan, Madhya Pradesh, Gujarat, Maharastra, Himachal Pradesh and Delhi.
Peter England Fashion and Retail (PEFR), the mid-priced apparel division of Aditya Birla Nuvo, has decided to open around 100 exclusive stores by the end of the current fiscal.
The company intends to promote brands like Elysee, Byford and Spin Off, through the launch of these proposed exclusive outlets.
Under the arrangement, the company will open 20 stores in the first half of the fiscal across the country, including metros and small towns like Haridwar and Rae Bareilly, and go through the franchise route to open it.
India-based connectivity products provider Sterlite Technologies has decided to invest around Rs 250 crore for increasing its optical fiber production capacity.
Sterlite plans to hike its annual manufacturing capacity to 20-million km, which would position the company amongst top three global manufacturers.
Textile player, Siyaram Silk Mills, has unveiled its plans to pump between Rs 60-80 crore in the coming three years with the aim to open 200 stores in India and the Middle-East as well as grow its fabric business in the worldwide market.
The sources said that the company intends to roll out 115 outlets of J Hampstead, Oxembourg, Siyaram MSD and its flagship brand Fabric to Fashion (F2f) by fiscal 2012.
At present, the company is having 85 stores across India and four in the Middle-East.
Reliance Cementation, an Anil Dhirubhai Ambani Group (ADAG) company has decided to set up 5 million tonnes integrated cement plant in Yavatmal district of Maharashtra.
In addition to the cement plant, the company also intends to set up a cement grinding unit at Butibori in Nagpur district.
The sources said that the company has set aside Rs 2,250 crore for these projects.
The sources further added that ADAG and the Maharashtra Government have signed MoU to this effect.
Reliance Cementation Pvt. Ltd. is a leading maker, exporter and wholesale supplier of cement.
In a move to consolidate its network in the Middle East, Jet Airways has decided to introduce a daily direct service from Hyderabad to Dubai starting August 16.
The Indian carrier has started services to Saudi Arabia, with the introduction of its daily flight from Mumbai to Jeddah, Saudi Arabia's second largest city as well as a commercial hub.
The company is looking at rolling out services to Riyadh very soon.
Almarai Company, the Gulf's largest diary company by market value, has decided to start production on a SR650 million (Dh636m) infant formula plant as well as a baked goods factory before the end of next year.
The sources said that the baked goods facility is slated to cost SR200m.
The sources further added that the formula factory, which is expected to produce revenues of between $50m (Dh183.6m) and $70m, will start production toward the end of the last quarter of 2010.
Kolkata-based Braj Binani Group cement manufacturer, Binani Cement Ltd (BCL) on Wednesday revealed its plans to invest $125-million for expansion of its cement manufacturing capacity at its Chinese subsidiary christened 'Shandong Binani Rong'An Cement Co Ltd'.
The company informed that it has undertaken expansion of cement manufacturing capacity from 0.50-million MT to 3-million MT at an estimated project cost of $125-million (Rs 600-crore) at its Chinese subsidiary.
Mumbai-based Unichem Laboratories is presently busy in the setup of a formulation plant at Sikkim, which would be developed at an investment of Rs 30 crore. The new facility will basically cater to eastern and north eastern markets.
According to a company official, the construction work is in full swing and the facility will be operational by next year. The company intends to raise majority of the required funds through internal accruals.
Public sector lender Andhra Bank on Wednesday revealed its plan to open 500 more new branches in the next four years to increase its total branch count to 2000.
According to official sourcs, the lender is expanding its network outside Andhra Pradesh by opening 121 branches this year.
The bank, which currently has 1452 branches, is targeting a business of Rs 1.50 lakh crore by September 2010.
Canon India, the wholly-owned subsidiary of digital imaging solutions major Canon Singapore Pte Ltd, plans to invest up to Rs 200-crore this year to launch over a hundred new products and increase customer-reach through promotions.
The company has sketched an investment plan of Rs 100-crore for its Indian operations this (calendar) year, which includes launching over a hundred new products.
Beside this, the company will spend about Rs 80-100-crore in advertising and promotions.
Public Sector lender Bank of Baroda (BoB) has revealed its plan to raise Rs 3500 crore by various debt instruments during the current financial year.
The lender stated in an official communiqué that its board of directors has finally approved a plan of raising debt capital of Rs 3,500 crore during the financial year 2009-10.
The move was taken by the bank to fund its expansion plan. The bank intends to raise funds by way of innovative perpetual debt instruments (IPDI), perpetual non-cumulative preference shares (PNCPS).
Mumbai-based Private Sector lender, Development Credit Bank Ltd (DCB) has informed that its board of directors has decided to raise upto Rs 100 crore.
The lender intends to raise the money through Sub-Debt Tier II (Bonds) issue, i. e. upto Rs 100 crores by QIP route and upto Rs 200 crores by Rights Issue during a period of next 12 months.
However, the decision is subject to securing appropriate regulatory and other approvals, as applicable.
Dubai-based Empire Aviation Group (EAG), the general aviation company, has decided to raise it fleet this year. The sources said that the company is expecting the fleet to grow to 15 aircraft by the end of 2009, as the new and pre-owned business jet sales pipeline remains healthy.
Recently, EAG added a Gulfstream G450 intercontinental business jet to its fleet. The aircraft, owned by a company in the Middle East, will join EAG's mixed fleet of 12 business jets. It can link Dubai with business centres in Europe and the Far East.
HT Media Ltd, the publisher of English daily Hindustan Times and business newspaper Mint, reported a net profit of Rs 32.40 crore for the first quarter ended June 30, 2009, as compared to Rs 37.72 crore in the corresponding period a year ago.
Total income rose to Rs 335.06 crore during the April-June quarter, from Rs 327.24 crore in the year-ago period.
In a separate announcement, the company has revealed its plan to spend Rs 40 crore in capital expenditure in the year to March 2010.
Simmtronics Semiconductors Limited, the No. 1 Memory Module Company in Asia Pacific, has plans to expand its footprint across domestic market by setting up sales and service support offices in Ludhiana, taking the total count to 15.
Further, the company has identified Bhubaneswar, Raipur and Ranchi, as the next 3 locations for new offices. The company intends to roll out 20 offices across the country by September end this year.
Emirates has decided to roll out nine additional flights to Beirut, Lebanon, in August in order to keep up with customer demand during the busy summer season.
The sources said that the additional flights will give the Dubai to Beirut service an important boost.
At present, Emirates operates 17 weekly flights between Dubai and Beirut. During August the carrier will add 18 additional flights between Dubai and Beirut.
The sources said that demand for travel to Beirut from Dubai on the Emirates network is usually very high during summer.
Long-haul budget airline AirAsia X has decided to roll out a new hub in the Middle East, which will allow its network to extend to North Africa and Europe.
The sources said that this new hub will open up completely new markets for the company.
The authorities of AirAsia X stated that the location for the new hub had already been chosen in a Gulf state but it would not be disclosed for several weeks.
Country's leading technology firm, Infosys Technologies has announced to start fresh recruitment processes very soon, indicating sound financial health of the IT major and revival of demand in the information technology sector.
The firm will hold joint campus recruitments next year, raising a ray of hope for young professionals under going undue pressure due to slump in job market. Infosys did not visit campus this year, apparently, under the impact of global slowdown.
Corporation Bank, the Mangalore-based public sector lender, has decided to raise Rs 650 crore to fund its growing business which may cross Rs 1,50,000 crore this fiscal.
The lender has informed that it will raise Rs 650 crore through the issue of bonds at different coupon rates.
The bank had earned a net profit of Rs 893 crore for the financial year ended March 2009.
The shares of Corporation Bank closed today at Rs 353, up 2% compared to its previous close. The counter has made 52-week- high and low of Rs 354 and Rs 155 respectively.
International Finance Corp (IFC), leading private sector lending subsidiary of World Bank, has decided to pump 135 million euros in the Pune plant of Volkswagen.
IFC officials stated in a communiqué that the Pune plant of Europe's largest carmaker will help in creating jobs locally.
Austral Coke, leading metallurgical coke manufacturer, has decided to build Lam coke production plant with capacity of 6 lakh tonnes per annum (LTPA) in Vishakhapatnam. The sources said that for the proposed plant, the company has acquired 1.82 lakh square metres of land.
In a filing to Bombay Stock Exchange (BSE), the company said that the proposed plant will soon take its annual production capacity to 1.1 million tonnes per annum
(MTPA). The company did not reveal any timeframe or investment for the proposed endeavour.
Hyderabad-based infrastructure firm, Lanco Infratech, has decided to raise Rs 727.35 crore through issue of shares to Qualified Institutional Buyers on a private placement basis.
The board has already approved to issue over 1.84 crore shares to the institutional buyers at a price of Rs 394.90 a piece on a Qualified Institutions Placement basis.
Recently, Lanco Infratech has registered a growth of 96% in its consolidated net profit to Rs 115.85 crore for the first quarter ended June 30, over the corresponding period last year.
Nasdaq-listed California Pizza Kitchen, Inc. (CPK) has informed that it has entered into an agreement with new franchise partners JSM Corporation Pvt. Ltd. (JSM) and Daud Arabian Trading to expand its footprints in India.
California Pizza Kitchen, well known within the food industry as CPK, is a casual dining restaurant chain that specializes in California-style pizza. The restaurant was started in 1985 by attorneys Rick Rosenfield and Larry Flax in Beverly Hills California, USA.
Hyderabad-based infrastructure firm, Lanco Infratech, has decided to raise Rs 727.35 crore through issue of shares to Qualified Institutional Buyers on a private placement basis.
The board has already approved to issue over 1.84 crore shares to the institutional buyers at a price of Rs 394.90 a piece on a Qualified Institutions Placement basis. Recently, Lanco Infratech has registered a growth of 96% in its consolidated net profit to Rs 115.85 crore for the first quarter ended June 30, over the corresponding period last year.
Berger Paints Ltd is searching options to pump Rs 1 billion in a greenfield plant with the aim to manufacture water-based paints.
According to the company, the investment for the proposed endeavor will be done over a period of two years.
The sources said that by mid of fiscal 2011, the commercial production would start at the plant.
In a separate release, the company has informed that the new plant will have a capacity of 100,000 kilolitres per year.
Roots Corporation of India (RCL), an arm of Indian Hotels Company Ltd, has decided to pump about Rs 80 crore in India.
According to the company, the main aim of the investment is to set up seven to eight hotels during the current fiscal.
The sources said that the cost would vary between Rs 8 crore and Rs 10 crore for each hotel.
After considering potential of the market, profile of clientele and peak occupancy period, the company has opted western and southern states, including in Pune and Chennai for locating the proposed hotels.
Prime Focus has decided to spend Rs 40 crore towards expansion of its Equipment Rental Division, Mumbai.
The company has notified that it will shift this division to a 10,000 sq ft facility at the strategically located Film City.
Apart from latest development, Prime Focus has also appointed Kamalakar Rao, noted Bollywood cinematographer as CTO of the EQR division to head the consulting and support functions for the division.
Anil Dhirubhai Ambani Group Indian entertainment firm Adlabs Films Ltd. has notified that its board has approved a rights offer to raise Rs 600 crore ($125 million) by way of equity shares to the company's shareholders.
The raised funds will be used for expansion and growth opportunities including investment in various projects in India as well as overseas.
Tech Mahindra, leading worldwide systems integrator & technology solutions provider to the telecom industry, has announced that it has established its fully owned facility in Chandigarh.
According to company, the facility will focus on offering end to end customer service delivery to global telecom service providers.
The sources said that this facility will increase company's presence in the northern India.
TTK Prestige has decided to establish a new manufacturing unit at Roorkee in Uttarakhand for manufacturing of kitchen electrical appliances and stoves.
The company said that Rs 110 million will be invested in the proposed endeavor.
According to sources, the plant is expected to be functional in the fourth quarter of the current fiscal.
The sources further added that this will be the seventh manufacturing facility of the Bangalore-based company.
The Roorkee plant will manufacture kitchen stoves, mixies and rice cookers.
After ceasing its service from Mumbai to Helsinki in April last, Nordic air-carrier Finnair has decided to restart the flights from October 17 with a brand new Airbus 330.
The sources said that Finnair will take just eight hours for a one-way-trip between the two destinations, and will function three times a week from Mumbai.
The sources further added that European airline will also operate daily flights between New Delhi and Helsinki from September against four flights operated per week earlier.
Tata Motors, India based largest automobile company, is searching options to pump approximately Rs 8,000 crore during the next three-four years on capital expenditure and product development.
According to the company, the money is likely to be spent on introducing new models and scaling up its operations.
Under the proposed plan, Tata Motors is envisaging to put special focus on its car division, where it has lined up a series of new launches entailing a new Indigo sedan, a new crossover model and some next-generation versions of its sports utility vehicles (SUV) Sumo and Safari.
IBS Software, software solutions provider for travel, transportation, hospitality, and logistics industries, has finally made a foray into the Russian airline sector.
Recently, the company has signed a pact with S7 Cargo for implementing IBS' new-generation cargo management solution iCargo in S7 Airlines and Globus Airline.
It should be noted that iCargo, developed by the company in association with six leading global airlines, has become a leading air cargo management solution in short span of time period.
Spencer's Retail, a subsidiary of RPG Enterprises, is planning to invest Rs 100 crore on expansion of its outlets by this fiscal.
The move will cover both the BPCH brands as well as 10-12 large format Spencer's stores, which expected to open during next six months.
It should be recalled that Spencer's Retail had shut down over 100 of its outlets last year due to low footfalls and sales and high rentals.
Akshaya Homes, a well known Chennai-based home maker has revealed its plan to spend around Rs 300 crore in 11 projects over the next 16 months.
According to a company official, who did not want to be identified has informed that proposed 11 projects include three commercial projects including a IT park and commercial complex at Chennai. However, the residential projects will include 200 units and 142 apartments in Coimbatore and Chennai respectively.
Rungta Mines (RML), the flagship company of S R Rungta group, has decided to set up a one-million-tonne cement plant in Orissa with an investment of around Rs 600 crore.
The move would diversify the group's business beyond mining and steel production into cement production.
Presently, the company is in talks with the state government for allocation of limestone reserves to execute the cement project. The proposed plant will be funded through a mix of debt and internal accruals.
Bharat Heavy Electricals Limited (BHEL), India’s largest engineering and manufacturing enterprise, has announced that it has introduced its new centralised stamping unit (CSU) at Jagdishpur, in Uttar Pradesh (UP).
The sources informed that the company has inaugurated the unit with the aim to meet India’s increasing electricity demands and to fulfill the Centre’s ambitious capacity expansion plans in the power sector.
The sources further informed that Rs 3.67 billion has been invested by the company for this unit.
Sundram Fasteners Ltd. (SFL), a part of the TVS Group is planning to diversify into non-automotive space.
However, the company indicated that the entry into non-automotive space will also be in the manufacturing field.
Market experts believe that company's diversification into non-automotive space was largely aimed at insulating the company from the impact of cyclical trends in the automotive industry.
The company currently makes powder metallurgy parts, cold extruded components, shafts, water pumps and oil pumps for the automotive industry.
New-Delhi-based Surya Roshni Ltd, a major lighting solution provider, has decided to diversify into infrastructure sector.
The company intends to set up a cement plant in Gujarat and a steel unit in Chhattisgarh.
According to a company official, who did not want to be identified, the company will spend nearly Rs 1100 crore on the establishment of cement plant in Kutch district of Gujarat, which is expected to commence its commercial production by 2012.
The Coca-Cola Company plans to spend $5 billion over the next five years in Mexico to boost its presence in the country.
It should be noted that Mexico ranks 2nd after US in market share of the company.
According to company officials, the new investment would go toward infrastructure, technology, equipment, social programmes, environmental initiatives, marketing and training, with a special emphasis "on protecting employment".
Toyota, world's largest car manufacturer, on Monday announced that the company is looking to treble its sales in the Indian market by 2012, with plans to launch a small car by next year in Indian market.
Mr. Akira Okabe, Senior MD, Toyota Motor Corporation, stated that they hope that between 3 to 4 years, the company will manage to raise its sales in India by three-fold. The small car will be an element in the growth in future. He also added that the small car will strike the Indian roads by next year.
Leading automaker, Toyota Kirloskar Motor expects to capture 50 per cent market share in the mid-sized Sports Utility Vehicles (SUV) category by the year end, supported by its Fortuner range, with a price tag of close to Rs 18.5 lakh.
Toyota Kirloskar DGM, Mr Sanjay Gupta said: "The bookings for Fortuner have already crossed 2,500 and if we can sell 2,000 units till December, we can gain a share of 50 per cent in mid-size SUV market.''
Intex Technologies, an IT hardware, mobile phone and electronics company, has decided to spend Rs 100 crore in its new retail venture for opening 60 exclusive stores in the country by 2011.
The fund will be utilized by the company to convert its existing stores to exclusive ones, revamping them and training sales persons. The company will soon open its outlets in B and C class cities, including Bhopal, Ahmedabad, Surat, Rampur and Patna.
Cinépolis India, Country's first international film exhibitor, has decided to pump around Rs 800 crore in southern India for setting up multiplexes across the four states.
The move will make Cinepolis' first largest presence outside Mexico. The company plans to open around 500 screens, out of which 50 per cent of will be in the southern cities, in the next seven years. According to a company official, most of the funds would be utilized for rentals and in developing screens.
BMW Group has revealed its plan to start its financial services business in India by June 2010 to offer financing for its cars and sport-utility vehicles.
Under the proposed plan, the group will introduce BMW Financial Services India as a new business entity.
The new company is expected to be fully operational by the mid of 2010. Presently, BMW Financial Services India is seeking a license to operate as a Non-Banking Finance Company (NBFC) in domestic market to offer solutions for Retail automobile financing for BMW customers.
CavinKare, well-known manufacturer of hair care, skin care and personal care products, is targeting to achieve turnover of Rs 5,200 crore by 2012, out of which it expects to earn a contribution of Rs 1,000 crore from its dairy division alone.
In addition, the company also plans to roll out new stores in India and abroad. The company intends to set up two milk plants in Andhra Pradesh, one each in Kerala and Karnataka.
Shri Lakshmi Cotsyn, a diversified textile powerhouse, has set aside an investment worth Rs 2,700 crore for expanding its existing verticals. The company aims to double its lucrative denim, terry-towel, bed-linen and cotton rich segment production in the next 12-months.
A company official giving detail regarding proposed investment has informed that the company will invest Rs 378 crore in its terry towel expansion, Rs 75 crore to set up a
EMC Corporation, a global leader in information infrastructure solutions, has decided to invest an incremental $1.5 billion in India over the next five years starting from 2010.
The proposed investment represents a three-fold increase compared to investments by the New York Stock Exchange-listed EMC in India over the previous five year.
A company official stated that the move is focused on expanding its R&D infrastructure at the India COE, increasing EMC Global Services capabilities and adding more technologists to drive deeper levels of engagement and support for local customers and partners.
Chennai based education & placement company EdServ Softsystems Ltd. is all set to enter into the primary and secondary education space.
The company plans to expand its footprints in the School segment in 3 stages, where by Edserv will implement and incorporate the Industry Demand Alignment (IDEA), a trademarked education paradigm of EdServ, to support and guide every student from K-12 to careers in a Progressive Education Model.
Kolkata-based alloy steel maker Adhunik Metaliks (AML) has informed that its subsidiaries Orissa Manganese & Minerals and Adhunik Power & Natural Resources have decided to spend Rs 3350 crore in mining and power business over the next two years.
The company stated in a communiqué that Orissa Manganese, a 100% subsidiary of Adhunik Metaliks would invest Rs 700 crore for iron ore benefaction and pelletisation plant at Jharkhand, besides a 30 MW power plant for ferro alloys facility in Orissa.
ING Vysya Bank on Monday said it will raise Rs 416 crore by issuing shares to potential buyers and allotting equity on preferential issue basis.
The investors committee has approved to issue 92.70 lakh shares to qualified institutional buyers at Rs 248.10 a piece aggregating to Rs 230 crore and to allot 74.93 lakh shares to ING Mauritius Holdings and ING Mauritius Investments at Rs 248.10 a share on preferential basis, aggregating to Rs 186 crore.
After touching an intraday high of Rs 266, the scrip of the company finally settled the day at Rs 260 on BSE.
K Sera Sera Productions, a major player in the production and distribution of films in India, has entered into the production of a Hollywood film `Americans in Danger` directed by F. Gary Gray in association with a well known Indian producer.
K Sera Sera Productions Limited engages in the production and distribution of motion pictures in India. The company also distributes movies produced by third parties. In addition, it involves in television content production.
Yes Bank, a leading private sector lender promoted by Rana Kapoor, has announced its decision to raise Rs 1250 crore by floating an Initial Public Offer. The bank will also issue bonds, in a bid to raise around Rs 500 crore under its fund raising exercise. Necessary approvals for the offer have already been received by the bank from its board of Directors and shareholders.
French financial institution Proparco, in a first ever move by French government-sponsored institution to invest in Indian bank, will invest $20 million for bonds of Yes Bank. The bank also plans to enter into retail broking business by the next six months.
Paver England Footprints, a joint venture between the UK-based Pavers Foresight Smart Ventures and the Chennai-based Forward Group, has decided to invest $10 million over the next 18 months as part of its expansion plan.
The company intends to setup 500 points of sale across the country by 2012. In addition, the company aims to achieve a revenue target of $35 million (Rs 175 crore) within next three years of time period.
Ispat Industries Ltd has planned to spend Rs 2,600 crore on various expansion projects in the next two years. The proposed expansion projects include development of a coke oven plant, a two million tonne iron ore pellet project, 110 MW captive power plants at Dolvi steel complex and an iron ore mining project at Damkodwadi in Maharashtra.
Oil and Natural Gas Corporation (ONGC) has decided to invest over Rs 5,000 crore in the development of new oil and gas fields on eastern coast of the country.
ONGC, India’s largest energy explorer, has said that the company will start production from east coast fields in mid-2010.
Mr. R S Sharma, chairman ONGC, after 16th annual general meeting of the company, said that the company had set up a business unit, Eastern Offshore Asset, to assess the discoveries of oil and gas fields on east coast of the country.
Phoenix Technologies Ltd, an embedded technologies and service provider, has chalked out Rs 100 crore investment plans for its Bangalore-based Development Centre, over the next few years. Besides, the headcount at the center, initially having a work force of 60 people, would be also doubled within the next 6 month for supporting local and global R&D products.
Vijay Mallya-controlled Mangalore Chemicals and Fertilisers Ltd (MCF), has decided to spend close to Rs 500 crore over the next five years to establish the network, which includes setting up of collection and distribution centers, processing, grading, packing and cold chain.
The Murugappa Group-owned Coromandel Fertilisers Ltd, which was renamed as Coromandel International Ltd (CIL) with a new brand identity on Friday, has revealed its plans to spend Rs 1700 crore over the next four years for expansion of its fertilizer and pesticide production capacities.
The company decided to spend Rs 250 crore in its fertilizer business, to increase its production capacity from the existing 2.9 million tonnes per annum to 4 million tonnes and another Rs 250 crore as its equity for a joint venture to set up a phosphoric acid plant.
Shree Ashtavinayak Cine Vision, Well-known Cine-entertainment firm, has decided to raise USD 150 million through various routes from both the domestic and international markets.
The board has approved raising funds through Global Depository Receipts (GDRs)or American Depository Receipts (ADR) or Foreign Currency Convertible Bonds (FCCB) or convertible securities linked to equity shares, including qualified institutional placement of share.
It should be noted that the shareholders of the company will meet on October 24 for Extraordinary General Meeting.
Chennai based EdServ Softsystems has picked 100% stake in 2tion.com, an online tuition portal.
Under the arrangement, Edserv will acquire the entire portal business of 2tion.com along with several 100 tutors/teachers and will now have direct access to the large 50,000 plus student base of 2tion.com.
Chennai headquartered 2tion.com is an online education portal for school and college tuition services. The website provides online teaching services both in a 'one-to-one' format as well as 'one-to-many students' format.
Tulip Infratech, leading realty firm, has decided to pump Rs 450 crore in order to set up a residential complex including 900 apartments in Gurgaon.
The sources informed that the project, 'Tulip White', situated on the Gurgaon-Sohna road, covers 18 acres of land.
Tulip Infratech functionaries stated in a communiqué that the company is introducing 500 units at a very competitive price.
As per official sources, 3-bed room flats, built over 1,326 sq ft of land, are being provided by the company at Rs 2,400 per sq ft.
Radhe Developers India is planning to enter into new venture of leisure & hospitality business and for the purpose the Company is making discussion to acquire a resort in Cochin.
Presently, the Company is presently engaged in the construction Sector. However, the details of acquisition of resort will be intimated as and when finalized.
Last month, Ashish Patel and Prafulbhai Patel-prompted-Radhe Developers, has announced its plan to raise Rs 500 crore through various funds raising routes from domestic and international markets.
Ashok Leyland, India's leading commercial vehicle manufacturing conglomerate has announced that its Rs 1,300-crore Pantnagar (Uttarakhand) facility is likely into operation within the coming few months.
The sources informed that 50,000 units of commercial vehicles per annum will be the installed capacity of company's Pantnagar plant. Besides, the company is also searching options to enhance its Alwar plant capacity by 50% this year.
The company did not specify a time-frame for the startup of the plant.
McDonalds, leading Fast-food chain, intends to spend about Rs 400-500 crore over the coming three-years with the aim to establish 120 restaurants.
US-based McDonalds has decided to open 40 outlets annually through its two equal joint ventures in the country - Connaught Plaza Restaurant Pvt. Ltd and Hardcastle Restaurants Pvt. Ltd.
At present, the fast-food chain operates a total of 170 quick service restaurants (QSR) in India.
Pearls Broadcasting Corporation (PBCL), a new player in the Indian media industry, has announced that it envisages to make an investment between Rs 30-40 crore in 2009 with the aim to spread out its business in the eastern and southern regions.
PBCL, which introduced its Hindi news channel known as P7 this March in New Delhi, has already invested around Rs 40 crore into its P7 News channel.
HCL Technologies is searching options to employ 2,000 people in the coming two months.
Functionaries of HCL Technologies stated in a communiqué that the conglomerate will also appoint over 200 people in a few months in Texas in order to support its new clients comprising Energy Future Holdings and Oncor.
Despite the economic slump, HCL remains as bullish as it was previous fiscal. It employed 15,000 people during the last year.
Noida-based Hanung Toys & Textiles Ltd has finally secured nod from its shareholders for raising funds up to $50 million (about Rs 238 crore) through the issue of securities.
The shareholders of the company have given their consent for raising of funds through issue of securities including equity share and bonds.
The scrip of the company today settled the day at Rs 92, up 2% on BSE. The counter has made 52-week high and low of Rs 131 and Rs 24 respectively.
Tech Mahindra, a global systems integrator and business transformation consulting firm focused on the communications industry, has finally inaugurated its BPO facility in Chandigarh.
The facility, which has been especially setup for focusing on BPO operations, will also provide other IT services and end-to-end customer support to both international and domestic clients later.
At present, the campus has 500 seats, which will be further raised to 1400 seats by the end of November this year.
Raymond Ltd, leading Indian textile firm, has decided to set up about 300 stores by end-March 2011.
The sources informed that the new stores will take company's total store-count to 800.
The apparel-maker will make an investment of Rs 100-crore to take 'The Raymond Shop' into India's smaller class IV as well as V cities as part of a massive expansion programme.
As per official sources, funding for the project would be divided equally between the company and franchisors/franchisees.
Private sector insurer Aviva Life Insurance has entered into a nation-wide strategic alliance with India Post, which will help the insurance firm to gather its premium of policies through post offices.
With the signing of deal, Aviva customers will now be able to make premium payments at any of the 8294 computerized post offices, spread over across the country without any additional cost. The move will make it convenient for customers to pay their renewal premiums on time, ensuring that their policy continues.
Toyota Motor has decided to expand its dealership network by over 65% by the end of 2010 in order to raise its interface with clients.
At present, Toyota has 90 dealerships across country, which it wants to raise to 150 outlets. About 60% outlets will come up in semi-urban and rural locations.
The company plans to expand its network to smaller cities, which includes Allahabad, Srinagar, Shillong, Belgaum, Ambala, Tirupati, Meerut and Patna, before the launch of the small car.
Apollo Group, leading Indian hospital chain, has decided to make an investment up to Rs 1,800 crore over the coming two fiscals.
The proposed investment is a part of group's proposal to add 2,000 beds to its inventory, besides spreading out its existing facilities.
As per official sources, the group has already added 500 beds in the previous 6 months.
Apollo Group functionaries stated in a communiqué that the group would be inaugurating at least one hospital every three months for the coming one year.
JSW Energy, a group company of Jindal South West (JSW) group headed by Mr. Sajjan Jindal, has decided to establish 10 power plants with a capacity of 1350 MW in all in Rajasthan's Barmer district.
The company stated in a communiqué that the project is being implemented by Raj WestPower Ltd, a 100 per cent subsidiary of JSW energy Ltd, and would be completed in two phases.
Under the first phase, the project will generate capacity of 1080 MWs comprising 8 units of 135 MW each, while in the second phase, the capacity will be 270 MWs comprising of 2 units of 135 MWs each.
KS Oils, a leading integrated edible oil company, has decided to develop palm oil plantations in Indonesia with a total investment of around Rs 380 crore, spread over three years.
It should be noted that in June this year, the company has acquired additional 53,000 acres of land, through its wholly-subsidiary K S Natural Resources for development of palm oil plantations. The company plans to fund the project through internal accruals and debt at subsidiary level.
Gitanjali Lifestyle, leading jewellery as well as lifestyle brand, has announced that it has entered into exclusive retail business.
The sources informed that the company envisages to inaugurate 60 stores across India within the coming five fiscals.
Sources added the company is eyeing at cities like Indore, Raipur and Guwahati for locating the proposed stores.
As per official sources, Gitanjali today opened the first stores of its retail chain 'Maya' in New Delhi.
Lite Bite Foods, a quick service food chain, envisages to make an investment of Rs 100 crore with the aim to inaugurate around 45 stores in the coming three years across the country.
At present, the food chain is having 40 stores and intends to add 10 outlets by the end of current year.
The sources informed that the company has two-fold the number of outlets in fiscal 2008, while its sales have surged three-fold last fiscal.
Tata Group firm, Rallis India envisages to make an investment of Rs 150-crore in its Dahej (Gujarat) facility with the aim to spread out its production capacity.
As per official sources, the conglomerate has decided to pump this amount in the first stage of its expansion by the second three month period of the coming fiscal.
Surya Roshni, India’s second major lighting company has decided to establish a new manufacturing facility at Malenpur in Madhya Pradesh (MP). The sources informed that the company will pump Rs 1 billion for the proposed plant.
Sources added that Surya Roshni is also spreading out its Kashipur manufacturing plant in Uttarakhand with an investment of Rs 200 million.
In an official release, the company has informed that it had purchased 48-acre plot at Malenpur for setting up the new plant to produce bulbs, tubes and CFLs.
Kerala-based Chemmanur Fashion Jewellers has revealed its plans to spend Rs 600 crore to expand its footprints across the country and abroad.
The company believes that this is the best time to establish a gold showroom as people are now buying gold as an investment. The company plans to spend Rs 600 crore in the next two year to open 50 new jewellery outlets in domestic as well in international market.
A company official, who did not want to be identified, has informed that the expansion will be financed through internal accruals and bank loans, for which the company has started negotiations.
Gujarat Apollo Industries has announced the introduction of a wholly owned arm named Apollo Maschinenbau in the Federal Republic Germany.
As per official sources, the company has the investment expenditure approximately Euro 3,000,000 over upcoming 15 months. Source added that this facility will create new products in addition to some of the existing products with a robust back up of labour intensive assemblies from India.
Punjab National Bank (PNB), India’s second-major public sector bank, has decided to purchase 63% stake in Kazakhstan-based Dana Bank.
PNB functionaries stated in a communiqué that this acquisition is going to be bank’s first international acquisition which will entail an investment of $24 million (about Rs 115 crore).
The sources informed that the bank is having a representative office in Kazakh city Almaty.
iGate, leading integrated technology and operations company, has informed that it has introduced stage four of its worldwide delivery plant at its corporate campus in Whitefield area of Bangalore.
The sources close to company said that the plant is part of the company’s green initiative intended at bringing down its carbon footprint and conserving power as well as water.
Sources added that the company has made an initial investment of Rs 65-crore in developing the plant out of which 5% was towards the green initiative.
Tribhovandas Bhimji Zaveri Pvt. Ltd (TBZ), a Mumbai-based gold jewellery retailer, has revealed its plans to bring an initial public offer (IPO) to part finance its Rs 400 crore expansion plan.
The company intends to establish jewellery outlets across the country. At present, TBZ has 12 large-format jewellery showrooms in five states, which it wants to spread to other important cities of India to tap the growing demand for branded jewellery retail.
TBZ, which had started its operations in 1864, has showrooms at Zaveri Bazaar, Borivili, Santa Cruz, Thane and Ghatkopar in Mumbai and Hyderabad, Vijayawada, Ahmedabad, Surat and Indore.
UK-listed India Hospitality Corporation (IHC), a diversified pan-Indian hospitality and leisure company, has decided to setup a new hotel in Bangalore by next year.
The hotel is expected to open by July 2010.
Apart from this, the company also plans to focus more in next 12-18 months for expanding its hotel business in tier II cities. The company has already pumped Rs 200 crore in the hotel business through its wholly-owned subsidiary Gordon House Estates.
Vedanta Resources, a global diversified and integrated metals and mining group headquartered in London, has decided to spend another Rs 40,135 crore on capacity expansion in aluminum, copper, iron, zinc, ore and power sectors in the country.
With the improved market conditions, the company has also plan to commence construction of its power project in Punjab, which was on hold after the financial downturn.
Cinemax India Ltd has revealed that it is introducing its Three Screens Multiplex in Uttar Pradesh. With sitting capacity of 999 people, the new multiplex will come at Cinemax - South X Mall located at Kidwai Nagar, Kanpur, Uttar Pradesh.
In order to entice customers, the multiplex will provide a personalized cafe facility while enjoying the favorite film.
The company will kick off its Multiplexes with screening of block buster flicks "Jail" and "Ajab Prem Ki Gazab Kahani".
With the introduction of Three Screens Multiplex, the conglomerate is now having total 27 theater properties including 86 screens with a total sitting capacity of 23565.
STel, a consortium of Siva group and Bahrain Telecom, has announced raising of Rs 2,000 crore for its telecom venture. The company has licenses to operate in six circles, which includes Himachal Pradesh, Orissa, Bihar, Jharkhand, Jammu and Kashmir and Assam.
It should be noted that promoters have already contributed Rs 1253 crore in the equity capital. The balance amount worth Rs 953 crore would be raised through eight public sector banks led by IDBI. The funds would be utilized over two to three years.
National Thermal Power Corporation (NTPC), India's largest power company, has revealed its plans to add 25,000 Mw to its capacity during the 12th five-year plan in order to fulfill the arising need of power in the nation.
Out of the proposed 25,000 Mw new capacity, 7720 MW will be generated by the company in Orissa. The company intends to establish two new power facility of 3200 Mw capacity each at Gajamara and Darliapalli in Orissa.
Patni Computer Systems, the country’s sixth-largest software services firm, plans to spend $200-400 million on purchase of an IT company, which is into Enterprise Application Integration segment and specialized in the insurance industry.
Mr Jeya Kumar, Chief Executive Officer, Patni Computer said, “We plan to close a deal in the next three months. There are a couple of assets we are looking at. For one we have issued term sheets.”
Phoenix Hospitality Company has announced that it has inked a pact with Mariott International with the aim to install hotels in Agra as well as Mumbai. In a declaration, the company said that the hotels, which will entail an investment of Rs 320 crore, are part of mixed-use retail-led developments.
With having 300-room accommodation, the hotel in Mumbai will be built up by Graceworks Realty & Leisure.
The other hotel having 165-rooms will come up in Agra.
Emirates Aluminium (Emal), the largest single aluminium smelter in the World, has decided to commence production in December. Emal is a 50-50 joint venture formed between Dubal and Mubadala Development Company, Abu Dhabi-based investment vehicle.
In a declaration, the company said that it will sell its product in Chinese and European markets. The project will involve constructing an aluminium-based cluster around this plant.
J K Lakshmi Cement has decided to pump in Rs 1,200 crore for establishing a greenfield facility at Durg (Chhattisgarh) that will step-up total production capacity of the company by over 50%. In a proclamation, the company said that its upcoming facility will have a capacity of 2.7 million tonnes per annum and is expected to be operational by fiscal 2012-13.
Mukesh Ambani led Reliance Industries Ltd (RIL) has agreed to strengthen its Jamnagar petrochem facility by adding two-million tones per annum of olefins and matching downstream capacities.
With this new addition, Reliance will possess approximately 4-million tonnes of olefins and downstream capacities.
Sources close to company said that the recent economic slump has offered company the chances to optimise capital costs, schedules as well as implementation method for these projects.
Barclays Global Retail Banking (GRB) has inaugurated its first subdivision in Hyderabad, the capital city as well as commercial hub of Andhra Pradesh. With the opening of new branch, Barclays has seven branches through out the country situated in Mumbai, New Delhi, Junagadh, Kanchipuram, Nelamangala and Ahmednagar in Maharashtra.
While commenting on the occasion, Mr. Ram Gopal, Interim Managing Director - India, Barclays Global Retail Bank, stated, “The opening of our branch in Hyderabad marks a significant milestone in the history of
Tata Group controlled hotesl major Indian Hotels Company (IHC) is planning to inaugurate 30 more hotels of its mid-segment premium brand ‘The Gateway Hotel’ chain by fiscal 2015. Currently, there are 20 Gateway Hotels throughout the country.
The Gateway Hotels will provide to a pan-India network of hotels as well as resorts offering all key facilities at competitive prices.
In a proclamation, Ms Monica Lakhmana, Director of the Gateway Hotels said that the company is exploring opportunities at Tier II and other smaller cities as they are mounting and also envisage to spread out in places that draw more tourists.
SAIC Motor Corp has decided to start venture to enter the Indian market with the help of a joint venture deal with General Motors. This is a significant step from the Chinese auto major, which is aimed towards the objective of establishing a firm position in one of the largest emerging auto markets.
In China, both the companies are already working under a joint venture. They have further plans to sell some of the Chinese producer's light commercial vehicles in India, including minivans and mini-trucks, in the market segment, which is currently dominated by domestic market leader, Tata Motors.
The CEO of Reliance Power Ltd Mr. J P Chalsani has announced that the Rosa power plant's first 300 MW unit in Uttar Pradesh will go on stream by the end of this year.
Reliance Power Ltd has been developing a power project, which is coal-based in two stages with a capacity of 600 MW each. Reliance Power has invested Rs. 6000 crore for the whole project. The second phase of this project is expected to be completed by March
2012, which is way early than the planned schedule in twelfth year plan.
Mahindra Navistar Automotive (MNAL), a joint venture company of Mahindra & Mahindra and auto major Navistar, has planned to launch a range of heavy commercial vehicles from 4th January.
MNAL's senior executive informed that the company's joint venture with Navistar Inc would be seen operating in all the segments including light commercial vehicles, in 3.5 tonne segment and above, luxury buses and tractor trailers under 49 tonne segment, in the next two years. M&M will also be operating individually in the less-than- 3.5 -tonne segment.
Bajaj Electricals, the Electrical appliances maker is looking for an opportunity in the solar sector and plans to get into commercial manufacturing of solar cells. The company is also interested in bidding for distribution franchisee licenses.
The company said it intends to become a 'full-fledged utility company' and plans to enter into the renewable energy space while considering manufacturing solar cell. The company is also looking for acquisitions.
Parsvnath Developers, the realty major, said today that it will invest Rs 7,000 crore in the next five on as many as 57 projects.
The realty developer also plans to raise Rs 300 crore through private equity by March-end this year. The company is expecting revenue of Rs 17,000 crore from these 57 projects.
Volvo Auto India, the automobile manufacturer giant has decided to launch the upgraded version of its premium luxury sedan S80, in the Indian market. Volvo Auto India, the domestic arm of Sweden-based Volvo Car Corporation has aimed this step under its expansion plan.
The new upgraded Volvo S80 incorporates a D5 Twin-Turbo diesel engine, which is believed to deliver a high performance at low fuel consumption. Additionally, it sports many advanced technical features including Twin Turbo and Peizo high-pressure technology.
Essar Oil, India’s largest private fuel retailer, is on expansion mode. The company is planning to nearly double its number of petrol pumps to 2,500 by next fiscal year ending March 2011. The company currently has 1,293 petrol pumps. The company produced 280,000 barrels petrol and diesel per day through its refinery at Vadinar in Jamnagar district of Gujarat.
Maruti Suzuki India, the country’s largest car maker, is expecting to double its exports in the current fiscal year. Also, Maruti India is seeing over 20 percent growth in its overall sales.
In the last fiscal year, the company exported 80,000 units while this year the company is expected to achieve 100 percent growth in exports. Recently, Maruti Suzuki India has started exporting its new model Ritz to South East Asia. At the same time, the company is expanding its export portfolio and looking out for some other markets also.
Voltas Ltd., the engineering services company of Tata Group, is looking for some acquisitions of Indian as well as foreign companies mainly for making its position strong in the water treatment and hydrocarbon segments. The acquisition company is looking for will be on small-scale and in the price range of Rs. 100-200 crore in the water and hydrocarbon segment.
The National Bank of Abu Dhabi (NBAD) will officially roll out its operation from in the Hashemite Kingdom of Jordan on February 23rd. National Bank of Abu Dhabi is second UAE bank after Dubai Islamic Bank to open branch in Jordan. It had already received nod for opening a new branch from the Central Bank of Jordan.
Directors and Senior Management of the Bank would be in Jordan for officially inaugurating the branch which has already started its soft operations on February 7, 2010. Meanwhile, NBAD Regional Manager in Jordan Mr. Imad Marar, having a vast experience of 32 years in the banking industry, would lead the new branch in Jordan.
Dubai Electricity and Water Authority (DEWA) has expressed that it would continue its efforts for increasing electricity and water productivity in the region by providing support to the ongoing and new projects. The state-run utility has already announced funds worth Dh6.42 billion to revamp the existing plants and to support new one to address growing power and water needs in the region. DEWA had earlier decided to avail services of international developers for building water and power plant in Emirates.
The low-fare private airline firm, Spicejet has announced that the airline is going to introduce the Kolkata-Agartala flight next month. This has been a part of company’s plans to expand its presence in the north east of the country. This has been announced by the Chief Commercial Officer of the company Mr. Samyukth Sridharan. The airline has just over 12% of the market share in the Indian aviation industry.
Country’s largest Bank, State Bank of India has decided to form joint venture for its POS terminals. It has selected a consortium of Visa International and Elavon as its partners for this joint venture. In this joint venture SBI will set up around six lakh point of sales (POS) terminals in the country.
The POS terminal will help the SBI customers to pay through their credit and debit cards instantly. There will be swipe machines for registering such card payments. However, the Bank has not disclosed the financial aspects of the deal.
Bharat Sanchar Nigam Limited (BSNL), Public sector telephone service provider has announced its plan to expand its 3G services to 60 more cities, taking the number to 760 cities. According to Chairman and Managing Director BSNL, Gopal Das, this target will be fulfilled by the end of this fiscal year.
‘Mantri’ a residential complex promoted by Mantri Developers has been offered new broadband services through fiber-optic cables by BSNL.
Mr. Gopal Das said that new broadband service make use of fiber-optic cables and optical electronics instead of copper wire and DSL equipment. The company is planning to provide FTTH service to the appealing customers in 127 cities across the country.
Leading low cost air travel service provider, IndiGo announced hiring of more staff. Airline will be hiring 1,200 to 1,500 more employees in 2011 to back its expansion plans.
For this major expansion drive, airline will be hiring 400 to 500 cabin crew staff and 200 to 300 pilots. The company will hire ground staff and engineers also. With completion of this recruitment drive, IndiGo's employee base will reach to nearly 4,900 from its current 3,400.
According to media reports, Tata Motors' Jaguar and Land Rover (JLR) is all set to hire new work force in the UK. It is said that JLR will be hiring 2,500 professionals to build the new baby Range Rover.
The company needs new employees in the country to design and take care of engineering for new generation Jaguars. For the new baby Range Rover, 29,995 pounds Evoque, company needs workers to assembly work on Merseyside. Carmaker will hire 1500 for its Halewood plant.
The largest two-wheeler maker by volume in the world, Hero MotoCorp has said that it is planning to invest Rs. 2,575 crore in India to set up two new manufacturing plants in Gujarat and Rajastan and a new integrated research and development centre (R&D) centre will be made operational during 2013-14.
On Thursday, International Business Machines Corp. (IBM) announced its acquisition of the closely-held flash memory designer Texas Memory Systems (TMS); and revealed that it plans to acquire more companies in the storage industry in future.
While the financial terms if the IBM-TMS deal remained undisclosed, IBM's Bob Cancilla - the company's VP for storage systems - said that the purchase of TMS underscores IBM's ambitions to provide a more complete storage system, as compared to its rivals, by assembling the components via acquisitions of smaller companies.
Cairn India, which was recently acquired by Vedanta Resources, has acquired a 60 per cent stake in oil and gas exploration offshore block 1 in South Africa.
In a move which will help General Motors (GM) shove its Cadillac luxury brand into the fast lane, Don Butler – VP of marketing for Cadillac – announced on Tuesday that the automaker has plans underway to bring about a two-fold increase in the 2010 US sales volume of Cadillac in the “next couple of years."
With the 2010 sales figures of Cadillac cars and sport-utility vehicles (SUVs) standing at 146,925, Butler said that the GM plans to increase that number to approximately 294,000 units by 2014.
Film and television studios group, Pinewood Shepperton has said that it will submit a revised application for the expansion of the Buckinghamshire site within this year.
Lord Grade, the chairman of the company informed investors at the AGM that the company will submit a revised application for the permission from the authorities in autumn this year for the company's "long term plan for growth and investment."
Mexico City, Aug 30 - South Korean automaker Hyundai Motors Company's Mexican unit said it planned to invest $130 million in a new plant that will manufacture aluminum auto parts in Tijuana, a border city in the northwestern state of Baja California.
The plant is expected to create 300 direct jobs and make up to 900,000 units of three new automotive products for different models sold in the US, Hyundai said.
Hyundai Translead chief Kenny Lee laid the cornerstone for the new plant, the automaker said.
African budget carrier Fastjet has announced that it has finally gained permission to start international operations from its hub in Tanzania.
Fastjet, which is backed by Easyjet founder Stelios Haji-Ioannou, said that it would start international flights to Rwanda, Zambia and South Africa, as it had already received route approvals from the relevant government authorities.
The governments of Rwanda, Zambia and South Africa granted permissions under their Bilateral Air Services Agreements (BASAs) with Tanzania.