Bharat Forge launches joint venture company in China
Changchun: Bharat Forge has entered the Chinese market by inaugurating its joint venture with Chinese auto giant FAW Corporation for manufacturing forged automotive products.

The joint venture, FAW Bharat Forge (Changchun) Company, will have 52-per cent stake holding by the Pune-based BFL and will be based in Changchun, capital of northeast China's Jilin Province.

"It is a momentous occasion for all of us. The formation of the joint venture marks a new era of cooperation between FAW Corporation and BFL," said Baba Kalyani, chairman and managing director of BFL.

Kalyani said that for him, the joint venture, the first in China for the Kalyani group, is a window through which he could be able to view the great Chinese culture and build life-long friendships with the Chinese people.

The president of FAW Corporation, Zhu Yanfeng said the formation of the joint venture with BFL was a 'win-win' formula for the Chinese company, aiming to become a major player in the global auto sector.
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Tata Power to augment supply to Mumbai; to invest Rs860 crore in new power plant
Mumbai: Tata Power Company will invest Rs860 crore for setting up a power plant at its Trombay Thermal Station for augmenting power supply to Mumbai. The 250 MW power plant, would be completed in 28 months, and would use imported coal with very low sulphur and ash content, the company informed the BSE.
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Essel Propack to lower stake in jointt venture firm
Mumbai: Essel Propack, a leading laminated tube manufacturer, has signed an amended shareholders agreement with Germany's Berrycap Holding GmbH according to which the former will dilute its shareholding in Berrycap India, its joint venture with the German firm.

Essel Propack informed the BSE that it would gradually become a minority shareholder in Berrycap India, its Indian subsidiary.
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Rs52 crore acquisition by Infomedia India
Mumbai: Infomedia India is planning to acquire American Devices India and US-based Software Services for Rs52 crore both of which provide customised solutions to the publishing industry.

At the time of signing the shareholders agreement, 83 per cent of the shares would be purchased and transferred at Rs44 crore and 17 per cent of the shares would be purchased and transferred not later than June 2007 at a minimum consideration of Rs8 crore.
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Hexaware to allot shares to raise Rs300 crore
Mumbai: Hexaware Technologies plans to allot 105.70 lakh equity shares and 10.56 lakh optionally convertible preference shares amounting to Rs150.2 crore and Rs150 crore respectively to private equity investor General Atlantic to raise Rs300 crore to fund its expansion through organic route and acquisitions.

Post conversion the General Atlantic's stake in the company will amount to 14.99 per cent. The deal has been done at Rs142 a share and values the company at $450 million.

The preference shares would carry a coupon rate of 2.95 per cent for the first 18 months. In case the conversion option is not exercised, the shares shall carry a coupon rate of 5 per cent thereafter, it said.
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Capgemini opens third centre in India at Kolkata
Kolkata: Capgemini, a world leader in consulting, technology and outsourcing services, has opened a 500-seat new centre in the city. This is the company's third such in India after Mumbai and Bangalore.

Capgemini (India) CEO Baru Rao, said Capgemini (India) has over 100 global customers, including many Fortune 500 companies, and is committed to high quality and continuous process improvement.

Capgemini's Rightshore's BPO centres are located at Krakow in Poland and at Guangzhou in China.
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Infotech's US arm gets contract from LA consortium
Mumbai: Infotech Enterprises' US-based subsidiary, Vargis LLC has bagged a contract to provide digital back-up data to a Los Angeles-based consortium.

According to the contract, Vargis would provide digital aerial imagery data with GIS, web mapping system with computer aided design and engineering design applications to Los Angeles Region Imagery Acquisition Consortium (LAR-IAC), an organisation of 26 state and local government agencies within Los Angeles.

The company would provide digital imagery data and related photogrammetric services for 4100 square miles of Los Angeles country area.
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Cranes Software allots FCCBs worth €42 million
Mumbai: Scientific and engineering products and solutions provider, Cranes Software International, has allotted foreign currency convertible bonds (FCCBs) worth €42 million.

At a meeting held recently, the board of directors has allotted th FCCBs with a face value of 1,000 euro each, the company informed the BSE.
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EID Parry floats 50:50 JV for Parryware
Mumbai: EID Parry plans to form a 50:50 joint venture with ROCA of Spain for the Parryware business. According to a release issued by EID Parry to the BSE today, ROCA will be investing €50 million for its 50 per cent stake through a combination of direct subscription in the joint venture company, and acquisition from the company.

The Parryware business was transferred by the company into its wholly-owned subsidiary, Parryware Glamourooms, on March 1, 2006.

ROCA with a business volume of €1.6 billion is the second largest company in the world in the business of the bathroom ceramics with a presence in more than 100 countries. The board meeting also cleared a long-term strategy for the sugar business, which envisages investment proposals aggregating to about Rs850 crore, and acquire Parry Nutraceuticals (PNL) for Rs32 crore and make it a wholly-owned subsidiary of the company.
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Jet'Sahara deal in trouble?
Mumbai: Indications are that the Rs2,300 crore aviation deal — the acquisition of Air Sahara by Jet Airways — is in troubled waters as Jet chief Naresh Goyal held hectic consultations with his top executives.

Sources in Sahara said that they did not see any trouble, Jet officials continued their ongoing interview of staff of Air Sahara for their absorption in the new entity.

Asked if there was any trouble and whether an extension was being sought by it beyond the March 24 deadline for finalising the deal, a Jet spokesman said that he was not aware of any problem.
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Sun Microsystems to expand finance division
Bangalore: Sun Microsystems is expanding its Sun Microsystems Finance division and it would henceforth be known as Sun Microsystems Global Financial Services (SMGFS). The company says the division "aimed to build an array of worldwide programmes for businesses of all sizes looking for flexible and affordable financing options", a Sun Microsystems release said.

The new SMGFS unit has the resources to provide customers, distribution channel and resellers immediate access to creative financing options, accelerating the acquisition of fully-integrated business solutions worldwide.

"The expansion of our financing unit is part of Sun's plan to help reduce its customers's total cost of ownership, while making them increasingly competitive in the marketplace," Kris Snow, vice-president, SMGFS said.
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Dell to hire 10,000 more over next three years
Bangalore: Computer maker Dell will double its headcount in India to 20,000 over the next three years, said its founder and chairman Michael S Dell. According to him the company was targeting a growth of 40 per cent in India.

The $56 billion company was in talks with several state governments to set up its manufacturing unit in India, he added.
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Israeli firm gets contract from Gail
Israeli firm ECI Telecom has said that the gas authority of India, GAIL (India) Ltd, has selected ECI's optical networking solutions for the expansion of its nationwide Gail-Tel South Expansion network.

ECI's equipment will support this long-haul SDH regional network that will span thousands of kilometers and increase GAIL's capacity to deliver services as a carrier of carriers.

This contract establishes the versatility of ECI's optical transmission solutions and its success in addressing the needs of alternative telecom carriers such as utility companies. This partnership with GAIL also furthers ECI's strong presence in India and its key role in supplying the most advanced telecommunications equipment to this rapidly developing market.

GAIL will deploy ECI's converged optical solution, which includes the XDM Multi-Service Provisioning Platform, the BroadGate-40 platform for bandwidth management utilization and LightSoft.
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