M&M offloads cable division to 3M
Mumbai: The Mahindra group has sold the cable accessories division of its Pune-based Mahindra Engineering and Chemical Company Ltd (MECP) to 3M Electro and Communication India Pvt Ltd. The terms of transaction were have not been disclosed. The company said the sale is in line with Mahindra and Mahindra's (M&M) strategic intent to exit non-core business. The Pune division is a leading supplier of accessories in India, including that of electrical cable jointing kits. MECP and 3M Elector and Communication India Pvt Ltd had agreed on the transaction in the latter part of October.
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Reliance Communications gets 1.35mn subscribers in Nov
Mumbai: Reliance Communications has recorded 1.35 million net subscriber additions on its wireless network, the highest growth seen across all telecom operators during November 2006.

Reliance Communications monthly net subscriber additions have experienced a growth rate of 17 per cent over the previous quarter, a release issued here stated.

During November, the company crossed the four-million subscriber base landmark in Maharashtra, including Mumbai, while the subscriber base in Uttar Pradesh (East and West) crossed three million. In Andhra Pradesh and Madhya Pradesh, the company has crossed the 2.5 million and two million subscriber.
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UTV in gaming foray
Mumbai: UTV Software has marked its foray into the gaming industry and plans to acquire a controlling stake in the UK-based Ignition Entertainment and city-based Indiagames for Rs128 crore. UTV said it has entered into an arrangement with Indiagames and its promoters for acquisition of majority stake in the mobile and online gaming company for a consideration of around Rs 68 crore.

In another such exercise, UTV is reported to be in arrangement with Ignition Entertainment and its promoters for acquisition of controlling equity stake in the UK based company, involved in developing console games for around Rs60 crore, it added.
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Cognizant to invest over Rs140-cr
Hyderabad: IT services provider, Cognizant has announced plans to expand its infrastructure here with an investment of over Rs140 crore. Cognizant plans to invest in land acquisition, construction and furnishing, adding 5,00,000 sq feet and over 5,000 mployees. The campus will be built in a Special Economic Zone. The company plans to continue to lease new facilities to meet its headcount growth requirements.

The Hyderabad investment is a part of Cognizant's larger program to spend over 200 million dollar by end-2008 on fully-owned complexes in Chennai, Coimbatore, Hyderabad, Kolkata and Pune with over three million square feet housing over 30,000 new employees.
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ST Microelectronics to invest $20-30mn
New Delhi: Semiconductor company, ST Microelectronics will invest 20-30 million dollars in India for expansion and will increase the headcount in the country by about 1300.

The company will invest 20-30 million dollars in 2007 in India, mainly in constructions of design and development centres in Greater Noida and our headcount will increase by 1300 to touch 3000 during the year.
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Parsvnath pays Rs231-cr for DDA plot
Mumbai: Parsvnath Developers has won a bid conducted by Delhi Development Authority (DDA), on December 7, 2006, for a commercial plot measuring 7,232.81 square metres.

The plot acquired for t Rs 231.01 crore, will be used for building a retail/commercial/office complex a release from the company said.
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AV Birla Group gives out stock options in four cos
Mumbai: The Aditya Birla group has introduced employee stock options in four of its local listed companies, in a bid to retain talent and offer increased incentives to its employees.

This is the first time the 58-year-old metals-to-BPO conglomerate has given stock options, and probably the first time any company in the Birla fold has offered such a scheme to its employees.

The options were introduced in Hindalco Industries, Grasim Industries, Aditya Birla Nuvo and in UltraTech Cement, and will subsequently be extended to other companies in India and abroad.
The group expects to formally roll out the plans by February after sending out a postal ballot to all employees.

An employee stock option is typically a call option on a company's own stock as a form of non-cash compensation. Such options are mostly offered as part of their executive compensation package.
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AV Birla Group.to exit Malaysia
The Aditya Birla group has decided to sever its ties with Malaysia and has entered into a share sale agreement for its Malaysian ventures — Pan Century Edible Oils and Pan Century Oleochemicals — to IOI Corporation Berhad for a total consideration of $175 million (Rs800 crore).

Birlas are said to have entered into a share sale agreement with IOI Corporation, a diversified company with interests in oleochemical, speciality oils and fats, plantation and property businesses. The turnover of the group's Pan Century companies was approximately $500 million as on January 2006.

The AV Birla group had sold off another Malaysian venture, Pan Century Rubber Products, a few years ago.

With the sale of Pan Century Edible Oils and Pan Century Oleochemicals, the group is now completely out of Malaysia. Incidentally, the group's Philippines venture, under the umbrella of Pan Century Surfactants with interest in fatty alcohol business, has not been divested.
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JK Cement to invest Rs950-cr for new plant
Mumbai: JK Cement plans to invest Rs 950 crore in the first phase of a cement plant it is setting up in the Karnataka state. The plant will have a capacity of 3.5 million tonnes per annum once the split-grinding unit is set up at an investment of Rs 120 crore, it said in a statement.

The company said it hoped to start production by October 2008 and sell the output in the southern and western India. JK Cement has an annual capacity of 4 million tonnes for grey cement and 0.4 million tonnes for white cement.
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Honeywell to make aircraft engines in India
Bangalore: US aerospace major Honeywell is engaged in discussion with state-owned Hindustan Aeronautics Ltd (HAL) to manufacture engines for civil transport aircraft in India.
He expects the discussions to lead to a Memorandum of Understanding between the two firms. HAL had already inked a pact with Pratt and Whitney Canada (P&WC) for an aircraft maintenance, repair and overhaul (MRO) centre in Bangalore. The company intends to go in a very big way in the industrial and marine gas turbine area and is looking for partnership with leaders including GE and Pratt and Whitney.
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