IBM has entered into a US$5 million IT services agreement with Kotak Mahindra Bank Limited (Kotak) to further strengthen latter’s position as one of the leading banking and financial services provider in India.

Under the arrangement, IBM will design, build and maintain a highly scalable, energy-efficient green data center as well as the converged IP network infrastructure for the client.

The country’s largest private sector lender ICICI Bank has informed that it has entered into an agreement with BSNL Cell One to enable the latter's customers pay their bills through ICICI Bank's Web site.

Under the facility, the subscriber will be able to view their billing details on the Internet and pay accordingly by clicking a button. Their account will be debited for the billing amount and the proceeds shall be remitted to the BSNL.

Textile major Alok Industries has decided to raise Rs 450 crore through rights issue.

In a filing, the company informed that the board of directors have approved to increase in the size of the proposed rights issue to Rs 450 crore from Rs 300 crore earlier.

Last year in October, the board had approved a rights issue of equity shares or convertible instruments, up to Rs 300 crore.

As a part of the nationwide roll out of its GSM services, Anil Ambani-led Reliance Communications has finally launched its GSM Services in Mumbai.

With the latest move, Reliance Communications has became the first private CDMA service provider in India to provide GSM services.

It may be noted that few days earlier, the company had announced the launch of its GSM services across 11,000 towns in the country.

Hyderabad-based company IVRCL Infrastructures & Projects Ltd has informed that the Buildings & Industrial Structures (B & IS) and Water Divisions of the Company have jointly bagged orders worth Rs 260.46 Crores.

Further, IVRCL quoted in a press release that company’s B&IS Division has picked first order worth Rs 92.51 crore from Bangalore Metro Rail Corporation for the construction of two elevated metro station viz CMH Road and Byappanahalli Station in Reach-I. The project is scheduled to be completed in 22 months.  

Quippo Telecom Infrastructure Ltd (QTIL), a SREI Group subsidiary, has finally acquired a 49 percent stake in Wireless Tata Telecom Infrastructure (WTTL), Tata Teleservices' tower arm.

Under the deal, QTIL will pay Rs 2400 crore to Tatas, and transfer its 5000 towers into WTTI. In addition, QTIL will have management control in the firm.