Wipro Technologies, the global IT services division of Wipro, today announced an investment of Rs 375 crore in Pune after the inauguration of its new development centre in Hinjewadi.
Wipro currently has 6,300 people in Pune operating from a 5,80,000 square feet campus at the Rajiv Gandhi Infotech Park Phase I at Hinjewadi and its new development centre at Phase II of the Hinjewadi Park. The IT major has also applied for 50 acre in Phase III of the Park, which is a notified special economic zone (SEZ).
With the addition of the new facility, Wipro will ramp up capacity to 17,000 people in Pune. Azim Premji, chairman, Wipro said: "We will invest Rs 375-400 crore over the next 3-5 years to develop this facility as we ramp up our headcount in Pune from 6,400 to 17,000 people." The overall employee base in five years will cross 1,60,000 people, he added.
The centre was inaugurated in the presence of Maharashtra Chief Minister Vilasrao Deshmukh who urged Wipro to set up shop in other cities in Maharashatra. "We need your presence in every city - Kolhapur, Nagpur, Aurangabad and even Latur. The government will act as a facilitator to enable you to set up offices in these cities," Deshmukh said.
Tuesday, April 3, 2007
Mahindra-Renault launch Logan
Fuelling competition in the Indian mid-size car market, Mahindra-Renault on Tuesday unveiled 'Logan' - an entry-level no frills sedan - with prices starting at Rs 4.28 lakh for the base petrol variant.
The joint venture company between India's Mahindra and Mahindra and French auto maker will be rolling out 50,000 units of Logan this year from Mahindra's Nashik facility set up at a cost of Rs 700 crore.
While the 1.4 litre petrol engine variant is priced at Rs 4.28 lakh (ex-showroom Mumbai), the 1.61 litre carries a price tag of Rs 5.69 lakh. The 1.5 litre diesel engine car, which has two variants, comes at a price of Rs 5.47 lakh to Rs 6.44 lakh.
Initially, Logan will hit the roads in the top 10 cities of the country in the second week of this month.
Read more in The Times of India article.
The joint venture company between India's Mahindra and Mahindra and French auto maker will be rolling out 50,000 units of Logan this year from Mahindra's Nashik facility set up at a cost of Rs 700 crore.
While the 1.4 litre petrol engine variant is priced at Rs 4.28 lakh (ex-showroom Mumbai), the 1.61 litre carries a price tag of Rs 5.69 lakh. The 1.5 litre diesel engine car, which has two variants, comes at a price of Rs 5.47 lakh to Rs 6.44 lakh.
Initially, Logan will hit the roads in the top 10 cities of the country in the second week of this month.
Read more in The Times of India article.
Monday, April 2, 2007
Wadias chart pan-India realty plan
Bombay Dyeing joint MD Ness Wadia says the group's real estate arm under him has drawn up plans to set up 30-40 shopping malls over the next five to seven years that will be spread across the country starting from Bangalore and Hyderabad to Delhi, Ahemdabad, Chandigarh and Kolkata. And each of them will be spread over 500,000 square feet with separate space for luxury brands. "We have tied up with some foreign luxury brands and are talking to some Indian players which can use space in our malls or we can jointly go to a third party,"Wadia told TOI.
As for the land, he says, the group will use some of the space that it already has and is talking to potential allies with whom it intends to tie-up. While the luxury brand spread is clear, Wadia says the other retail formats like hypermarkets is still being worked on.
Read more in The Times of India article.
As for the land, he says, the group will use some of the space that it already has and is talking to potential allies with whom it intends to tie-up. While the luxury brand spread is clear, Wadia says the other retail formats like hypermarkets is still being worked on.
Read more in The Times of India article.
Spice to sell 48 pc stake to MCorpGlobal
Mobile operator Spice Telecom's manufacturing arm Spice Ltd is going to sell its 48.23 per cent stake in Spice Systems Ltd (SSL) to B K Modi-controlled MCorpGlobal for Rs 10.59 crore.
The Board of Directors of Spice Ltd in a meeting held on March 31 approved the sale of 81.50 lakh shares, constituting 48.23 per cent holding in SSL, at Rs 13 per share, the company informed the BSE.
No other details of the deal were immediately made available in the communique to the stock exchange.Spice Ltd (formerly known as Spice Net) manufactures servers, PCs and other equipments while Spice Systems (SSL) is engaged in office automation.
The Board of Directors of Spice Ltd in a meeting held on March 31 approved the sale of 81.50 lakh shares, constituting 48.23 per cent holding in SSL, at Rs 13 per share, the company informed the BSE.
No other details of the deal were immediately made available in the communique to the stock exchange.Spice Ltd (formerly known as Spice Net) manufactures servers, PCs and other equipments while Spice Systems (SSL) is engaged in office automation.
Hershey is all set to enter Indian market
Chocolate and confectionery maker, The Hershey Company is finally set to enter the Indian market by acquiring the stakes in Mumbai-based Godrej Beverages and Foods (GBFL).
Godrej executives declined to comment on the matter, sources in the know said the deal between Hersheys and GBFL had been signed a while ago. Hersheys has acquired 51 per cent stakes in GBFL, acquiring 40 per cent stakes by IL&FS. The remaining stakes is expected to be acquired from Godrej Industries and A Mahendran, managing director, GBFL who also holds stake in the company. Post acquisition, Mahendran and Godrej Industries’ stake in GBFL will together come down to 49 per cent.
Read more in The Business Standard article.
Godrej executives declined to comment on the matter, sources in the know said the deal between Hersheys and GBFL had been signed a while ago. Hersheys has acquired 51 per cent stakes in GBFL, acquiring 40 per cent stakes by IL&FS. The remaining stakes is expected to be acquired from Godrej Industries and A Mahendran, managing director, GBFL who also holds stake in the company. Post acquisition, Mahendran and Godrej Industries’ stake in GBFL will together come down to 49 per cent.
Read more in The Business Standard article.
Tata Power eyes overseas for JV
Tata Power Company is looking to form a joint venture with an overseas electrical equipment manufacturing company just two days after ensuring coal linkage for its ultra mega power project (UMPP) in Mundra and other projects in Maharashtra through a billion dollar transaction.
Prasad Menon, managing director TPC, told ET that the company is in talks with some potential partners and that a deal will be finalised before June 2007. TPC, the country’s largest private power producer with 2,300 MW, is in talks with Japanese companies such as Hitachi, Mitsubishi and Toshiba, said sources close to the development.
They added that TPC is weighing several options including a possible joint venture manufacturing facility in India as the company plans over 10,000 mega watt (MW) greenfield projects across the country. Mr Menon refused to divulge the name of the company.
Recently, TPC’s tie up with Siemens had broken down because Siemens opted to keep away from the aggressive bid for UMPPs. TPC has tie up with Korea’s Doosan Heavy Industries and Construction Company for super critical boilers.
Read more in The Economic Times article.
Prasad Menon, managing director TPC, told ET that the company is in talks with some potential partners and that a deal will be finalised before June 2007. TPC, the country’s largest private power producer with 2,300 MW, is in talks with Japanese companies such as Hitachi, Mitsubishi and Toshiba, said sources close to the development.
They added that TPC is weighing several options including a possible joint venture manufacturing facility in India as the company plans over 10,000 mega watt (MW) greenfield projects across the country. Mr Menon refused to divulge the name of the company.
Recently, TPC’s tie up with Siemens had broken down because Siemens opted to keep away from the aggressive bid for UMPPs. TPC has tie up with Korea’s Doosan Heavy Industries and Construction Company for super critical boilers.
Read more in The Economic Times article.
RBI IMPACT: Sensex tanks 617pts
The Sensex opened with a huge negative gap of 260 points at 12,812 following the Reserve Bank of India (RBI) decision to hike the cash reserve ratio and repo rate last Friday.
Unabated selling, mainly in auto and banking stocks, saw the index drift to lower levels as the day progressed. The index tumbled to a low of 12,426 before finally settling with a hefty loss of 617 points (4.7%) at 12,455. In the process, the index today recorded its second-biggest loss ever in absolute terms.
The BSE Mid-cap index plunged 3.3% (175 points) to 5209, and the Small-cap index slumped 2.7% (176 points) to 6294. The Bankex and the auto index tumbled around 6% each to 6153 and 4570, respectively. The IT, Metal and Oil & Gas indices dropped around 4% each to 4673, 8132 and 6172, respectively.
The market breadth was fairly bearish - out of 2,546 stocks traded, 1,771 declined, 702 advanced and 73 were unchanged today.
Read more in The Business Standard article.
Unabated selling, mainly in auto and banking stocks, saw the index drift to lower levels as the day progressed. The index tumbled to a low of 12,426 before finally settling with a hefty loss of 617 points (4.7%) at 12,455. In the process, the index today recorded its second-biggest loss ever in absolute terms.
The BSE Mid-cap index plunged 3.3% (175 points) to 5209, and the Small-cap index slumped 2.7% (176 points) to 6294. The Bankex and the auto index tumbled around 6% each to 6153 and 4570, respectively. The IT, Metal and Oil & Gas indices dropped around 4% each to 4673, 8132 and 6172, respectively.
The market breadth was fairly bearish - out of 2,546 stocks traded, 1,771 declined, 702 advanced and 73 were unchanged today.
Read more in The Business Standard article.
Subscribe to:
Posts (Atom)
