ITT Corporation, a Fortune 500 company, has established its base in India by inaugurating its facility at Savli near Vadodara on Friday. It has been set up with an investment of Rs40 crore and in the second phase, the company plans to expand the facility with a further investment of Rs60 crore.

"India, China and the rest of Asia are key markets for our future growth plans," said president of ITT's China and India operations, Mike Kuchenbrod, adding that having a local presence and dedicated engineering staff here in India gives us an excellent platform to serve our local customers in a best way possible and grow along with the Indian economy.

Warren Buffett showers praise on Ajit Jain, his likely successor

Legendary investor Warren Buffett has blamed himself for making certain "dumb" investment decisions last year, which cost his company Berkshire Hathaway billions of dollars.

In his annual letter to shareholders, which is considered a gospel on investing by millions, Buffett once again lavished praise on Ajit Jain, head of his reinsurance business empire.

Buffett has been praising Jain for the last couple of years in his annual letters, spurring speculation that he must be the first among equals to succeed him.

Warning that the downturn could continue for long, Buffett said the economy would be in a shambles this year.

Japanese Automobile major, Toyota Kirloskar Motor (TKM) expanded its range of alternate fuel vehicles by including the Innova CNG in its fold in India.

From now onwards the country’s most popular multipurpose vehicle, Innova will be available in CNG variant as well.

State-run Bharat Sanchar Nigam Ltd (BSNL) said that it has launched its much awaited third-generation (3G) services across 11 cities.

BSNL also said that the 3G services will permit users to experience enhanced communications such as rich voice, video and data services.

India's No. 4 mobile operator also said that it will expand 3G services to other regions in the country.

With a total investment of Rs 450 crores, ACT Television has launched its first interactive TV services (IPTV) in Bangalore, Karnataka.

ACT, which has now become the first company to introduce Interactive TV service in the city, also said that it will take its new service to other Indian cities such as Andhra Pradesh, Karnataka and Madhya Pradesh by the next 12 to 18 months.

The company said that Interactive TV is a system delivering content services to subscribers using Internet protocol through a broadband link in a closed network infrastructure.

Nitin Parikh of Nitin Parikh & Company said that there is every possibility that RIL, a profit making entity, is merging with RPL (which is a loss-making company) to get SEZ status for RIL’s ol