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SAIL
to invest Rs.348 crore for expansion, modernization
New
Delhi: Steel Authority of India Ltd (SAIL) has announced
plans to inject Rs348 crore to achieve production of 23
million tonne by 2011-12, and for upgrading facilities
at its Rourkela unit.
The
company is already implementing Rs3,500 crore worth of
projects, which are in various stages of execution. SAIL
will be rebuilding four coke oven batteries at Rourkela
at a cost of Rs195 crore, and another Rs116 crore for
installing a coal dust injection system.
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Satyam
is first global IT company to foray into Nagpur
Mumbai:
Satyam Computer Services Ltd has emerged as the first
global IT company to foray into Nagpur. The company signed
a memorandum of understanding (MoU) with the Maharashtra
Airport Development Company Ltd (MADC) to set up its Nagpur
unit.
Satyam
is being allotted a 100-acre plot in the special economic
zone at Nagpur. "We are confident of the potential
of the city which has good infrastructure and a huge talent
pool," said Satyam co-founder and managing director
B Rama Raju.
The
Hyderabad-based company already has a strong presence
in Pune, where it has 1,500 employees. The company plans
to expand to tier II cities in India.
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Nestle
announces 180 per cent second interim dividend
Mumbai:
The board of Nestle India has declared a second interim
dividend of 180 per cent (Rs18 per equity share of Rs10)
for 2005. The dividend will be paid after December 22.
The
company had earlier announced a 50 per cent interim dividend
in May. Total dividend for the year now adds up to 230
per cent.
According to Martial Rolland, chairman and managing director,
"our policy is to reward shareholders. This is expressed
in our dividend distribution - the one for this year being
the highest paid dividend in any one year out of the profits
for that year."
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Maruti
recalls 2,000 Versas
New
Delhi: Maruti Udyog Ltd, the country's leading automaker,
recalled over 2,000 units of its 'Versa' model, following
detection of a faulty component in its exhaust system.
The
company said "some aberrations" were detected
during a quality audit at its factory, leading to the
recall. The part would be replaced free of cost.
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GR
Cables to issue one-crore convertible warrants
Mumbai:
GR Cables Ltd plans to issue one crore convertible
warrants to strategic investors. The board is seeking
the approval of shareholders for issuing the warrants,
and also for increasing the authorised share capital to
Rs39 crore. The warrants would be converted into equity
shares at a rate of Rs12.5.
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Microsoft
plans 30 new global innovation centres
New
Delhi: Microsoft Corp plans to set up 30 new global
'innovation centres,' including one in Bangalore. This
will be in addition to the 60 such innovation centres
already operating around the world.
Bill
Gates, chairman and chief software architect, Microsoft
– currently on a visit to India – said this
was part of a plan to support the national IT goals of
many of its host countries, and includes "efforts
focused on job creation, fostering innovation and entrepreneurship."
According
to Gerri Elliott, corporate vice-president, Microsoft,
the Bangalore centre, being set up with local partners,
will be opened in January. It will help developers, independent
software vendors, students, entrepreneurs and governments
to develop innovative software solutions, he added.
The
company also plans to launch an English version of its
low-cost operating system, Windows XP Starter Edition,
early next year in India. The Hindi and Tamil versions
of the edition have already been launched.
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Ion
Exchange announces merger of four associate service units
New
Delhi: Ion Exchange India Ltd, a water treatment major,
has announced the merger of its four regional associate
service companies into one entity. The merger is expected
to result in considerable savings for the company because
of more efficient utilization of resources and economies
of scale.
According
to Rajesh Sharma, managing director, Ion Exchange, the
industry is moving towards outsourcing of services. The
new entity will emerge as India's largest water treatment
company.
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